Holt v. Gregory

January 23,1948, L. M. Simmons, operator of a cafe, gave his note to the Citizens Banlc of Jonesboro for a loan of $2,400, with his sister-in-law, Lois Cain, and appellant, Holt, as sureties thereon. On the same day, he also executed, as additional security, a chattel mortgage covering the fixtures of the cafe, which contained these recitals: “For the purpose of securing payment of debt and the note evidencing the same, and all renewals and extensions thereof, and all additional loans and advances which may hereafter be made by the mortgagee, its successors or assigns to the mortgagor,…