Nicholls v. McShane

This is a contest between attachment and mortgage creditors. A. Rachofsky, a merchant in Central City, was indebted to the First National Bank of that city, and the bank demanding security, he executed to plaintiff McShane for this purpose a chattel mortgage upon the stock of goods in his store. McShane was vice president and a director of the bank, and the evidences of indebtedness held by it against Rachofsky being first assigned to him by the bank, Rachofsky executed a new note for the total amount thereof, being $8,263, payable directly to McShane one day after date, and to secure this…