August v. Poznanski

In July, 1960, Anton Poznan-ski sold his bar in Detroit to G-eorge Cairns for $40,-000, taking a note for $30,000, the unpaid balance of the purchase price. The note was secured by a chattel mortgage on the furniture and equipment of the bar and an agreement that Cairns would reassign the Class C liquor license upon default in paying the note. The chattel mortgage was not recorded.

In November, 1963, Cairns transferred the bar back to Poznanski and Poznanski’s wife, Mary Poznanski, who is the appellant here. They operated the bar until June, 1965 when it was sold for $20,000 cash.

Meanwhile, in…