Knickerbocker Trust Co. v. Penn Cordage Co.
New Jersey Court of Chancery
On bill, answer and proofs, upon reopening of testimony. This cause was heretofore argued in eoctenso, and an opinion given on the whole case. See 17 Diclc. Gh. Rep. 62 On hearing that argument the vice-chancellor understood from counsel then present, that the complainant admitted that its mortgage had not been recorded as a chattel mortgage, and that it was ineffectual as a chattel mortgage against the claim of the creditors of the defendant Penn Cordage Company, mortgagor.
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On bill, answer and proofs, upon reopening of testimony. This cause was heretofore argued in eoctenso, and an opinion given on the whole case. See 17 Diclc. Gh. Rep. 62 On hearing that argument the vice-chancellor understood from counsel then present, that the complainant admitted that its mortgage had not been recorded as a chattel mortgage, and that it was ineffectual as a chattel mortgage against the claim of the creditors of the defendant Penn Cordage Company, mortgagor. When that opinion was pronounced the counsel for the complainant insisted that it was not intended by him to admit the…
1Opinion of the Court
Grey, Y. C.
Two objections are made against the validity of the complainant’s mortgage as a chattel mortgage.
First. It is contended that the affidavit of consideration does not sufficiently. state the consideration of the mortgage. The *184whole case shows that the true consideration of the-mortgage was the securing the payment of the bonds described in the mortgage. The affidavit declares it to be “to secure the payment of $100,000 of the bonds described in said mortgage!” The inquirer is. thus referred to the mortgage itself, to which the affidavit is appended, for further information as-to the…
2Cited by5 opinions
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- In re MillerDistrict Court, D. New Jersey · 1934
- Boyer v. Pahvant Mercantile & Investment Co.Utah Supreme Court · 1930
- Sinclair v. GunzenhauserIndiana Supreme Court · 1912