Arnold v. Stock

Citations

• 81 Ill. 407

Syllabus

<p>1. Chattel mortgage—when mortgagee must take possession. The mortgagee in a chattel mortgage is not required to take possession of the mortgaged property, in order to hold it against creditors and subsequent purchasers of the mortgagor, until the expiration of the days of grace on the note which the mortgage is given to secure.</p> <p>2. Where the last day of grace on a note, secured by chattel mortgage, is Saturday, there is no breach of the condition of the mortgage requiring the mortgagee to take possession, until the following Monday.</p> <p>3. Same—reasonable time allowed mortgagee to take possession after condition broken. The mortgagee in a chattel mortgage is entitled to a reasonable time, after condition broken, within which to take possession of the mortgaged property; and what is such reasonable time depends upon the situation of the parties and the circumstances attending the particular case.</p> <p>4. Same—purchaser of mortgagor before condition broken. A purchaser of personal property from a mortgagor before condition broken, takes it subject to the mortgage, and is and can be in no better position in relation thereto than the mortgagor himself.</p> <p>5. A purchaser from a mortgagor before the maturity of the mortgage debt, occupies the same relation to the mortgagee that the mortgagor does, and can not be heard to dispute the right of the mortgagee to possession of the property, after the maturity of the debt, on the ground of laches in not reducing it to possession as soon as the indebtedness matured.</p>