Page:Federal Reporter, 1st Series, Volume 6.djvu/65

 DOUGLABS V. TOOSLEB. 53 �DouGiiAss, Assignee, etc., v. Vooblbb.* �{District Court, 8. D. Ohio. Pebruary, 1881. �1. Bankrupt Law— Sbcurity for Advancbs. �A security given by an iiisolvent debtor, for money advanced to him at the time, is not in violation of the bankrupt law. �2, Samb — Securitt for Indorsbmbnts. �And the same principle would apply to a security given for a liabil- ity assumed (i. e., as an indorser) upon which money is raised for the bankrupt. �S. Samb — Same — Security Subsequbntly Given— Agebement for, �NEED NOT BB IN WmTINO. �And if such advancement is made, or obligation assumed, upon an agreement that the bankrupt would execute a mortgage upon certain Personal property to secure such advances or such assumed liability, a mortgage in pursuance of such agreement wUI be valid ; and it is not necessary that such agreemei^t should be in ■writing. �4. Samb— ExcHANQB of Becdbities. �An exchange of securities is not in violation of the bankrupt law. �8. Unrbcordbd Chattel Mortgage — Vai,id bbtwebn Mortgagob and mortgaoeb. �As between mortgagor and mortgagee, a chattel mortgage is valid without being recorded. �C. Samb — Assignee in Bankruptct — ^Bankrupt — Cbbditors. �In relation to liens of this character, the assignee occupies only the position of the bankrupt, and therefore is precluded from disputing their validity. �In Bankruptcy. Exceptions to Eegister's Eeport. �Long, Kramer e Kramer, for assignee. �Butterworth e Vogeler, contra. �Swing, D. J. The petition in this case alleges that Otto Taxis, being insolvent, on the twenty-fifth day of April, 1877, executed to Frederick Vogeler, to whom he was indebted in the Bum of $1,500, and who was also liable as indorser for him, a chattel mortgage ; that the mortgage was made to secure the sum of $5,000, and was made by said Taxis with intent to give a preference to the said Vogeler, and with intent to defeat the �♦Beported by Messrs. Florien Glauque and J. C. Harper, of the Cincinnati bar. ��� �