Wisconsin Supreme Court March 9, 1937 (Cremer v. Banking Commission)

Fritz, J.

The crucial question on this appeal is whether the plaintiff can be considered to be a subsequent mortgagee in good faith by virtue of the fact that he is the holder of a chattel mortgage given to him to secure a pre-existing indebtedness owing to him by the owners of the mortgaged property on June 22, 1933, after they, on June 1, 1931, had given to the bank of Westby a chattel mortgage