Federal Reserve Bank of Dallas v. Livestock & Agricultural Loan Co. of New Mexico

— This case involves the question as to which of two chattel mortgages given by R. S. Johnson, of Clifton, Greenlee county, Arizona, on his livestock (and brands) ranging in said county, is a first and prior lien on the mortgaged property. The one to appellee, the Livestock & Agricultural Loan Company of New Mexico (hereinafter referred to as Loan Company) for $20,000, is dated June 5, 1922, and was recorded July 17, 1922; arid the other to the First National Bank of Clifton, and assigned to appellant Federal Reserve Bank of Dallas (hereinafter referred to as Reserve Bank) for- $7,000, is…