Supreme Court of Pennsylvania June 24, 1966, Appeal, No. 68 (Associates Discount Corp. v. Old Freeport Bank)

Opinion by

Mr. Justice Cohen,

Appellant, Old Freeport Bank (Bank), loaned money to Hood Motors, Inc. for the purpose of financing the purchase of new automobiles by Hood (Dealer). In addition to a trust receipt security agreement, these loans were secured by DX or dealer titles which were *611issued for each automobile financed. On each such title an encumbrance was noted in favor of Bank.