Boyer v. M. D. Knowlton Co.

Citations

• 85 Ohio St. (N.S.) 104

Syllabus

<p>Contracts of conditional sale of personal property — Though made in another state — Must be subject to requirements of Section' 4155-2, Revised Statutes — Rule of comity between states — Rights of vendor, mortgagee and intervening parties — In cafse of failure to renew chattel mortgage — Effect of mortgagee holding possession under neglect of renewal — Law of chattel mortgages.</p> <p>1. Written contracts of conditional sale of personal property situate in Ohio, although made in another state, must be made and verified as provided in Section 4155-2, Revised Statutes, in order to preserve the title in the vendor, as against subsequent purchasers and mortgagees in good faith and creditors, even if such contracts are in accordance with the law of the state where entered into. The rule of comity between states does not supersede compliance with said section.</p> <p>2. One who obtains a lien by chattel mortgage on personal property situate in this state, and files the same in the proper office as required by Section 4151, Revised Statutes, but who neglects to renew the same as required by Section 4155, Revised Statutes, may take possession of 'the mortgaged property, after the time, for such renewal has expired, where the terms of the instrument authorize the taking of possession, on the breach of its conditions, or for the better security of the mortgage claim; and taking possession before other creditors acquired a valid lien gives the mortgagee a prior claim on the property or its proceeds as against such other creditors.</p>