Jefferson v. Stuckert
Court of Chancery of Delaware
Bill to Have Declared Invalid a Chattel Mortgage. By the admissions of the mortgagor and mortgagee, the chattel mortgage was given, not only to secure a debt which was then owing by the mortgagor to the mortgagee, but also to secure advances of money to be made by the mortgagee to the mortgagor.
Read the full summary
Bill to Have Declared Invalid a Chattel Mortgage. By the admissions of the mortgagor and mortgagee, the chattel mortgage was given, not only to secure a debt which was then owing by the mortgagor to the mortgagee, but also to secure advances of money to be made by the mortgagee to the mortgagor. The mortgage was for $1,000, which by the condition of the mortgage was stated to be “due and owing” at the date thereof, and it was stated in the affidavit made by the parties to it, and made part of it, that the mortgage was made for the bona fide purpose of securing a debt, and was not made to…
1Opinion of the Court
The Chancellor.
In this case the sole question, which it is necessary to decide for the first time in this State so far as reported cases show, is whether a mortgage of personal property which purports to secure only a debt due and owing, but which was also given to secure advances to be made to the mortgagor by the mortgagee, is valid as against an execution creditor of the mortgagor, the levy on the mortgaged property having been made after the recording of the mortgage, though the judgment debt existed before the chattel mortgage was made. It was stated in the condition in the mortgage that…
2Cases cited10 opinions
- Wood v. WeimarSupreme Court of the United States · 1881
- Butts v. PeacockWisconsin Supreme Court · 1868
- Ressmeyer v. NorwoodCourt of Appeals of Maryland · 1912
- Nicklin v. Betts Spring Co.Oregon Supreme Court · 1884
- Denton v. GriffithCourt of Appeals of Maryland · 1861
5 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- In re Paul Scotton Contracting Co.District Court, D. Delaware · 1971