Bank of Commerce v. Kelpine Products Corp. of America

On March 26, 1929, Smith Products Company, a corporation, engaged in manufacturing soap at Anacortes, Washington, was and for some time had been indebted to the Bank of Commerce of Anacortes in several separate amounts, which on that date were consolidated into a promissory note in the sum of $1,684.35, signed by Smith Products Company and delivered to the hank. At the same time, and as security for the payment of the note, the Smith Products Company executed and delivered its chattel mortgage in the same amount to the bank on all or nearly all of the tangible chattel property of the…