Fidelity & Deposit Co. of Maryland v. B. F. Sturtevant Co.

Citations

• 86 Miss. 509

Syllabus

<p>1. Chattel Mortgages. After-acquired •property. Description.</p> <p>A mortgage of personal property used in a business may cover future acquisitions of property used in and about the business, or the natural products arising from the operation of the business, but to accomplish that end such mortgage must specifically describe the property either as property which will he acquired in and belong naturally to the business or as property which will be put in a certain building, place, or locality.</p> <p>2.|Same. When not valid as to third persons.</p> <p>A deed of trust covering all the mortgagor’s property and franchises of every nature and description, whether now owned or “hereafter to be acquired,” including its equipments, personalty, lands, machinery, and real estate in a certain town and elsewhere, together with the factories, tenements, and appurtenances belonging to the property, and the reversion, remainder, tolls, rents, issües, and profits thereof, and also all the estate, title, and interest in law or in equity which the mortgagor “now owns or may hereafter acquire,” is not sufficiently definite in its description to convey, as against third persons, the after-acquired property of the mortgagor.</p> <p>3. Same. Code 1892, § § 2719, 2720. Writ of seizure. Forthcoming bond.</p> <p>Where property has been taken under a writ of seizure levied pursuant to Code 1892, § § 2719, 2720, a voluntary surrender of such property by defendant to a third person, having no valid prior right thereto, subsequent to the levy of the writ and to the execution of a forthcoming bond, cannot defeat the lien of plaintiff in the writ, nor release the surety from its obligation for the forthcoming of the property.</p>