Nelson & Robertson Pty., Ltd. v. Diocese of Pago Pago

I would reverse the decision of the trial court and remand this case with directions to recognize the validity of the appellant’s prior, recorded chattel mortgage with respect to appellees’ judgment-creditor status and to accordingly distribute the proceeds of the execution sale of KMST’s property.

As the trial court and the majority of this court recognize, their decisions will bring consternation to inventory financing in the Territory unless and until there is corrective legislation. It would be a practical impossibility to update a chattel mortgage with specific descriptions of every item…