Cremer v. Banking Commission

The crucial question on this appeal is whether the plaintiff can be considered to be a subsequent mortgagee in good faith by virtue of the fact that he is the holder of a chattel mortgage given to him to secure a pre-existing indebtedness owing to him by the owners of the mortgaged property on June 22, 1933, after they, on June 1, 1931, had given to the bank of Westby a chattel mortgage thereon, which was filed on June 3, 1931, in compliance with sec. 241.10, Stats., but as to which no affidavit of renewal was filed within two years thereafter, as was then required by sec. 241.11, Stats.…