New Jersey Court of Chancery June 24, 1925 (Stanber v. Sims Magneto Co.)

The receivers of the insolvent defendant company dispute a chattel mortgage given by the company to William G. Sargent as security for a loan of $25,000, on the grounds that the affidavit annexed to the mortgage is untrue; that the consideration was not paid until after the making of the affidavit, and that the mortgage was not immediately recorded as required by the Chattel Mortgage act.