In Re Bossell, Van Vechten & Chapman

We agree with the trial court this assignment is a security device and constitutes a chattel mortgage. While assignments of contractors’ tools and equipment under similar circumstances have been held to be valid they have not been sustained on the theory of an absolute transfer of property secret in nature. Surety companies are not in the business of buying the assets of their customers. In this state a deed, bill of sale or assignment given for security is not controlled by its form but is treated and considered, what in substance it is, a security device. Rheingans v. Hepfler (1943), 243…