Ottawa Public Finance Corp. v. Blackley-Gould Corp.

On February 17, 1932, the Ottawa Public Finance Corporation loaned to the Blacldey-Grould Corporation $3,872. The note evidencing this indebtedness was executed by the Blackley-Qould Corporation and' made payable to the order of The First National Bank of Ottawa, Illinois, trustee. To secure the payment of this note, which was payable in monthly instalments, the makers executed a chattel mortgage naming The First National Bank of Ottawa, Illinois, trustee, as mortgagee. The property covered by the chattel mortgage was machinery, appliances and equipment used by it in the business of dyeing…