Receipts — Chattel Mortgages 225 



Ithaca, N. Y., December 30, 1901. 

 Received of John Doe the sum of one hundred dollars 

 ($100), in full of all accounts to date, and in considera- 

 tion of the said sura and the premises, I hereby release 

 the said John Doe from all claim of every name and 

 nature whatsoever, to the date hereof. 

 Witness my hand and seal. 



Richard Roe (L. S.). 



It will be seen that we here include the con- 

 sideration imported by the seal as well as the 

 money consideration. This makes a radical dif- 

 ference in some states. 



m. CHATTEL MORTGAGES 



A chattel mortgage is a transfer of personal 

 property as security for a debt. There need 

 not generally be an actual change of possession 

 of the property in order to make the chattel 

 mortgage valid, but a formal agreement that the 

 property is transferred is enough. However, if 

 there is to be no actual and continuous change 

 of possession of the property it is almost always 

 required that the chattel mortgage be filed in a 

 town clerk's office, or a county clerk's office, in 

 the town where the mortgagor resides, in order 

 to make it valid against third parties who are 

 creditors of the mortgagor, or who have subse- 

 quently, a,nd in good faith, purchased or acquired 

 liens upon the mortgaged property. It is also 



