Texas National Bank of Houston v. Aufderheide

HENLEY, Chief Judge.

This controversy arises out of a 1963: sale by a Texas retail aircraft dealer to-the individual defendants, citizens of Arkansas, of a certain Piper PA 25-235-airplane which at the time of the sale-was subject to a floor plan mortgage in. favor of plaintiff, Texas National Banlr of Houston, which mortgage had beem duly recorded with the office of the Federal Aviation Agency in Oklahoma City,, pursuant to the provisions of section 503' of the Federal Aviation Act of 1958, 49' U.S.C.A. § 1403. On February 20, 1963,. the plane was sold at Houston to the individual defendants…