Motors Securities Co. v. Aetna Ins. Co. of Hartford

Robert E. George purchased from Wray-Dickinson Company on April 20, 1937, a Ford Tudor automobile for a consideration of $1059.69. He paid $195.69 cash, leaving a balance due of $864, represented by a note payable in twenty-four monthly payments of $36 each. The note was secured by a chattel mortgage on the automobile. Motors Securities Company, Incorporated, purchased the note, which was endorsed by Wray-Dickinson Company with recourse. Thereafter Aetna Insurance Company, defendant herein, issued a certificate of insurance to Motors Securities Company, Inc., and Robert E. George as their…