Citizens State Bank v. Brown
Supreme Court of Minnesota
Action in the district court for Lyon county against the trustee in bankruptcy of the partners doing business under the name of the Tracy Furniture Company to recover a balance of $2,661.95 on three promissory notes dated May 8, 1907, which were secured by a chattel mortgage of the same date upon a stock of goods, and to have the mortgage, Exhibit B, declared a lien against the property therein described and against moneys received from the sale thereof.
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Action in the district court for Lyon county against the trustee in bankruptcy of the partners doing business under the name of the Tracy Furniture Company to recover a balance of $2,661.95 on three promissory notes dated May 8, 1907, which were secured by a chattel mortgage of the same date upon a stock of goods, and to have the mortgage, Exhibit B, declared a lien against the property therein described and against moneys received from the sale thereof. The answer alleged that the mortgage of February 4 and that of May 8, 1907, were executed with the intent of the parties thereto to hinder,…
1Opinion of the CourtJaggard, J.
(after stating the facts within [] as above).
Plaintiff properly insists that a mortgage on a stock of merchandise, which provides that the mortgagors may retain possession and sell in the usual course of retail trade, so long as the proceeds of the sale of the goods are to apply on the mortgage in reduction thereof, is valid on its face, and is not fraudulent as against creditors or subsequent purchasers, if executed for a valuable consideration, unless it is shown that there was some agreement between the parties that the mortgagors might use the proceeds of the sale of the goods for their…
2Cases cited19 opinions
- Brackett v. . HarveyNew York Court of Appeals · 1883
- Mandeville v. . AveryNew York Court of Appeals · 1891
- Frank v. VollkommerSupreme Court of the United States · 1907
- Horton v. WilliamsSupreme Court of Minnesota · 1875
- Conkling v. . ShelleyNew York Court of Appeals · 1863
14 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- In re Petters Co.United States Bankruptcy Court, D. Minnesota · 2013
- In re FreyDistrict Court, D. Minnesota · 1926
- Marin v. CalmensonSupreme Court of Minnesota · 1924
- Snow v. CodySupreme Court of Oklahoma · 1923
- In re Hanover Milling Co.Court of Appeals for the Fourth Circuit · 1929
1 more not listed; retrieve them via the Exa API.