American Nat. Bank v. Harris

PHILLIPS, Circuit Judge.

On October 25, 1930, the Sapulpa Cooperative Milk Producers Association, for a valuable consideration, executed and delivered to one Murphy its promissory note for $1,000, bearing interest at eight per cent per annum. On the same day the Association executed and delivered to Murphy a chattel mortgage on certain of its personal property to secure such note. The mortgage was duly recorded on October 27, 1930. Thereafter, Murphy, for a valuable consideration, transferred the note and mortgage to the American National Bank.

The Bank failed to file a statement in accordance…