Hicks & Brother v. Ross & Redditt

Citations

• 71 Tex. 358
• 9 S.W. 315
• 1888 Tex. LEXIS 1149

Syllabus

<p>L Chattel Mortgage.—A chattel mortgage is valid without acknowledgment by the maker; and by depositing it with the county clerk, in his office, the holder has fully complied with the statute on the subject. (Rev. Stats., appendix 15, 16.)</p> <p>2. Disposal of Mortgaged Property.—The mortgagor of his cotton crop by agreement obtained a quantity of seed cotton in exchange for a bale of the mortgaged cotton, and delivered the seed cotton to the mortgagee upon the mortgage. The mortgaged bale was delivered to other purchasers. In a suit by the mortgagee to foreclose the mortgage upon the bale of cotton, the purchasers having shown the facts in evidence were entitled to judgment for the bale of cotton against the mortgagee.</p> <p>3. Equity.—While the mortgagor did not have power to sell, yet having paid the price obtained to the mortgagee, the retention of the price is equivalent to a ratification of the sale. The mortgagee could not have the cotton and its price.</p>