Farmers State Bank of Lind v. McCulley

The question to be determined in this case relates to the priority of chattel mortgages on the same property.

On November 6, 1919, F. M. McCulley and J. L. McCulley and A. B. Gertson gave the Farmers State Bank of Lind a chattel mortgage to secure the payment of a $1,000 note due June 6, 1920, and a $4,000 note due September 1, 1920, and also to secure future advances not exceeding $1,000. Further advances amounted to $500, for which three notes were given on May 16, 1921, due September 1, 1921. The mortgage was acknowledged, bore the affidavit of good faith, and was filed for record November…