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What is Chattel Mortgage Validity and Obligations about?

The Supreme Court ruled that a clause in a chattel mortgage purporting to extend its coverage to future obligations yet to be contracted or incurred is not valid. Specifically, the Court found that since the 1978 chattel mortgage executed by the petitioner corporation to secure a loan had been fully paid, there was no longer any existing chattel mortgage that could cover subsequent loans obtained in 1981 and 1984. Under the Chattel Mortgage Law, a chattel mortgage can only cover obligations existing at the

Author

Fait Hee

Language

EN