North American Acceptance Corp. v. Northern Illinois Corp.

Mr. Presiding Justice Dove

delivered the opinion of the court.

Northern Illinois Corporation, a financing organization, whose chief place of business was in De Kalb, Illinois, and McHenry County Motor Sales, Inc., a corporation, which was engaged in buying and selling automobiles at retail and having its principal place of business in Woodstock, Illinois, executed, on November 8, 1948, a Statement of Trust Receipt Financing, as provided by section 13 of the Uniform Trust Receipts Act. This instrument was thereafter, on November 15,1948, filed in the office of the Secretary of State as provided…