Manufacturers Trust Co. v. Stehle

In 1953, Herman Cohen bought a 1950 Buick automobile with money borrowed from plaintiff bank. He executed a chattel mortgage on the vehicle to secure the loan on October 5, 1953, payable in installments. The mortgage by its terms provided that the transfer of title from the mortgagor to mortgagee set up in the instrument would be void if the mortgagor paid the installments thereby undertaken, beginning November 5, 1953. The instrument additionally gave to the mortgagee on default the right to possession without notice or demand.

The mortgagor defaulted on the payment of the first installment.…