New Jersey Equity Reports Volume 53

New Jersey Equity Reports Volume 53

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1896 edition. Excerpt: ... for record, it did not mean that it should be so filed immediately. It would be absurd to hold that while a mortgagee could not save his mortgage from the ban of the statute by taking possession at a period long after it was executed, but prior to the recording of thejudgment by the creditor, he might still save it by filing it for record at such late day. It would be self-stulti ' fication for the legislature to give creditors protection against a false credit due to the apparent ownership of chattels subject to secret liens by prescribing in one breath the remedy of the publicity due to an immediate change of possession', and take it away in the next breath by legalizing, as an alternative to such publicity, the very secret lien against which protection was needed. Looking again at the language of the act as it was originally enacted, before the insertion of the clause requiring the affidavit, it seems to me that it is quite in accordance with sound rules of construction to hold that the force of the word "immediate" extends throughout the sentence, and applies to the "filing or recording" as well as to the "delivery of possession." Its classification as an adjective does not interfere with this construction. The sentence, in my judgment, should be construed as if it had been written thus: "Every mortgage of chattels shall be absolutely void as against the creditors of the mortgagor and as against subsequent purchasers and mortgagees in good faith unless it be accompanied by an immediate delivery and followed by an actual and continued change of possession of the things mortgaged, or a true copy thereof be filed be recorded as directed in the succeeding section of this act...".show more

Product details

  • Paperback | 264 pages
  • 189 x 246 x 14mm | 476g
  • United States
  • English
  • black & white illustrations
  • 1236932056
  • 9781236932051