Pacific States Securities Corp. v. Austin

On January 10,1925, defendant Austin was the owner of a truck and trailer, which he on that day mortgaged to one Raynor for a certain sum of money, and subsequently Raynor assigned the note and chattel mortgage to appellant. This chattel mortgage was a renewal, or substitution, of' another chattel mortgage on the same property for a larger sum of money, which in turn was also a renewal, or substitution, for still another chattel mortgage for a still larger sum of money upon the'same truck and trailer. In addition to the amounts due on the chattel mortgage, appellant had paid out certain sums…