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IN RE PARKWAY KNITTING MILLS

January 3, 1941

In re PARKWAY KNITTING MILLS, Inc.


The opinion of the court was delivered by: CAMPBELL

CAMPBELL, District Judge.

This is a hearing on the petition of Elstelnat Holding Corporation to review and revise the order of the Referee dated December 3, 1940, declaring a chattel mortgage held by petitioner, on chattels of the bankrupt, to be void and of no effect.

On June 19, 1939 the bankrupt executed and delivered a chattel mortgage to petitioner to secure the repayment of an $1,800 loan, evidenced by eighteen promissory notes each for the sum of $100 due monthly thereafter, with interest commencing with August 15, 1939.

 A copy of the chattel mortgage was filed with the Register of the County of Kings on June 20, 1939.

 The bankrupt defaulted in the payment due on April 15, 1940, but the petitioner took no steps to repossess or otherwise protect his interests until the institution of the present proceeding.

 On May 21, 1940, the petitioner refiled an exact copy of the original mortgage on the usual printed from with the following endorsement:

 "Renewal Statement

 " Elstelnat Holding Corp., the mortgagee within named, do es certify and state that there remains due and unpaid on the mortgage, of which the foregoing is a true copy the sum of Nine Hundred ($900.00) Dollars, with interest from the 19th day of June, 1 939, and this copy and statement are filed to continue the notice required by the statute made and provided for the renewal of chattel mortgages.

 "Dated this 20th day of May, 19 40.

 " ELSTELNAT HOLDING CORP.

 " by Jack Shane, Pres.

 "Mortgages."

 The italicized words and figures were typewritten, all the other words and figures are contained in the printed form.

 Petitioner claims that $700 principal and $50.73 interest, making a total balance of $750.73, was ...


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