Universal C.I.T. Credit v. Evans Corp.

Jim Johnson, Associate Justice.

This is an appeal from a Chancery Court’s award of a sum of money interpleaded by an intervenor in a chattel mortgage foreclosure action.

In March of 1955, appellee J. M. Evans sold to E. K. Weise and James Westbrook his business known as Saline County Motors. To enable Weise and Westbrook to make this purchase, appellees J. M. Evans and Ivy G. Evans, his wife, permitted Weise and Westbrook to execute a chattel mortgage on the property sold. The mortgage covered “all parts and accessories, all office furniture and fixtures, all accounts receivable and all notes…