General Motors Acceptance Corp. v. Koch

— Prior to 1930 Thomas H. Mosher, Minella E. Mosher and L. J. Koch were engaged in the retail automobile business in Fort Madison, Iowa, as a co-partnership, doing business under the name of the Fort Madison Motor Company. Koch sold his interest to the other partners in November of 1930 and they executed and delivered- to him a promissory note, secured by a chattel mortgage on their stock of automobiles and equipment.

In January of 1932 the Fort Madison Motor Company purchased certain automobiles. Before the automobiles were delivered there were executed to the General Motors Acceptance…