M. & J. Finance Corp. v. Hodges

The plaintiff’s chattel mortgage was executed 30 September 1948 but was not registered until 26 October 1948. The automobile was seized under execution on defendant’s judgment 22 October 1948. Thus on the date of seizure under execution, plaintiff’s mortgage was not of record. Which party holds the prior lien? This is the one question posed by this appeal. Our decisions answer in favor of defendants.

The plaintiff stressfully insists that the defendant bank is not a creditor or purchaser for value within the meaning of our registration statute for the reason its judgment was rendered on an…