Regional Agricultural Credit Corp. v. Chapman

WILBUR, Circuit Judge.

On December 27, 1933, Simon Douglas borrowed from appellant the sum of $17,-000, giving his note for such sum, due December 15, 1934, and as security his chattel mortgage on 5050 head of sheep, twenty-two horses, and certain hay and farm equipment. This obligation was not paid at maturity, and on January 12, 1935, while renewal negotiations were pending, Douglas died. The balance then due was $16,328.48.

Douglas’ sole heir having declined to assume the obligation appellant decided to exercise its power of sale under the chattel mortgage, and posted notices thereof as…