Tropical State Bank v. Sunshine Motor Co., Inc.

Pertinent allegations of the bill of complaint are that Sunshine Motor Company executed a chattel mortgage to complainant encumbering two automobiles to secure a promissory note for money lent. American Investment & Mortgage Company was made a party defendant because of the belief of complainant that under a trust agreement between defendants the pledged property was held in trust by Sunshine Motor Company for American Investment & Mortgage Company, the owner, and was not to be sold by the former except with the latter’s consent and for cash. The trust agreement was said to fix the sale…