Securities Acceptance Corp. v. Lewis

(dissenting) — I respectfully dissent. Code section 10015 provides that no chattel mortgage is valid against existing creditors, without notice, unless duly recorded or filed. An "existing creditor” under this statute, means one who has obtained a lien, as by attachment, execution or otherwise, upon the property. Under the doctrine of the Blackman cases and Raybourn v. Creger, supra, the general creditors of deceased insolvent mortgagor became "existing creditors” within the meaning of the statute, as of the time of his death. At that time they obtained a lien upon the property and they were…