Gaar, Scott & Co. v. Hurd

Citations

• 92 Ill. 315

Syllabus

<p>1. Possession—taking possession under chattel mortgage—whether sufficient. A mortgagee of an undivided two-thirds interest in a portable engine, in order to show he had taken possession of the property under the mortgage, made the facts appear as follows: The engine had been taken to a foundry by the owner of the other one-third interest, in whose possession the property was, for the purpose of repairs. The mortgagee found the engine at the foundry, and told the owner of the foundry to look after it for him, and he said he would retain it, and let the mortgagee know if anything should happen; and upon the interest of the owner of the one-third of the engine being attached, the owner of the foundry notified the mortgagee of the fact. This was all the possession the mortgagee took, and in view of the ponderous nature of the property, and being already on the premises of a third party claiming no interest in it, such a taking of possession was all the law required.</p> <p>2. Chattel mortgage—possession in mortgagee as obviating defect in acknowledgment. Where a mortgagee of chattels has taken possession of the property under his mortgage, as to the rights of third persons subsequently acquired it is immaterial whether the mortgage was acknowledged before the proper officer, or, indeed, whether it was acknowledged at all.</p> <p>3. Same—mortgagee taking possession prematurely — who may object. The question, whether a mortgagee of chattels has taken possession of the property before he had a right to do so under the terms of the mortgage, is one which concerns the mortgagor alone, and can not be raised by third persons who had no interest in the property at the time the possession was taken.</p> <p>4. Same—where part interest of another in the property is attached—duty of mortgagee, as to purchaser under the attachment. Where a mortgagee of a part interest in a chattel has reduced the property to possession, and the part interest of another therein is levied upon unde