Drumm-Flato Commission Co. v. First National Bank
Drumm-Flato Commission Co. v. First National Bank
Opinion of the Court
The opinion of the court was delivered by
Many claims of error are made in this case. We have examined all of them, but none is well founded, and but one seems to call for explanation and formal decision. One Milner was a mortgagor of cattle. The First National Bank of Madison
“Every mortgage or conveyance intended to operate as a mortgage of personal property . shall be absolutely void as against the creditors of the mortgagor, and as against'subsequent purchasers and mortgagees in good faith, unless the mortgage or a true copy thereof shall be forthwith deposited'in the office of the register of deeds in the county where the property shall then be situated,” etc. (Gen. Stat. 1901, §4244.)
It will be observed that the protection of the above statute is not extended to one who takes the property of another under the mistaken belief that it is his own. In order to come within its terms, he must be a creditor of the mortgagor, or a subsequent purchaser, or a subsequent mortgagee. The Drumm-Flato company was none of these.
The judgment of the court below is affirmed.
Reference
- Full Case Name
- The Drumm-Flato Commission Company v. The First National Bank of Madison
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- 3 cases
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- Syllabus
- SYLLABUS BY THE COURT. Chattel Mortgages — Failure to Record. A failure to deposit and file a chattel mortgage with the register of deeds does not ■ render the instrument void as to on'e who merely takes the mortgaged property under the mistaken belief of his own ownership of it. It is void only as to creditors of the mortgagor and subsequent purchasers and mortgagees. (Gen. Stat. 1901, § 1211.)