Franklin Sav. Bank of Franklin v. Garot

WOODROUGH, Circuit Judge.

In January, 1928, Fairbanks, Morse & Co. sold an eighty-horse power oil engine to one J. F. Girerd of Almyra, Ark., for $5,702, on the customary installment plan, the down payment being $1,450 and $450 allowed for an old engine then in use, the balance of $3,802 evidenced by three notes due December 15, 1926, '27 and '28 respectively. The written contract of sale contained, among many provisions, the following:

“The deferred payments represented by notes shall be secured by first chattel mortgage on machinery herein specified.”

“That the title and ownership of the…