It is then continued for 3 years further. The mortgagor is deemed guilty of a felony for the fraudulent disposition of the goods mortgaged. The provisions as to notice, time, place, and details of sale are minute.

Ohio. - Mortgages upon property left in the hands of the mortgagor for sale are void unless the mortgagee take immediate possession, or unless the mortgage provide that all proceeds of sales shall be paid to the mortgagee. The mortgage is valid for 1 year only unless renewed by filing a true copy thereof with a statement of the mortgagee's interest, within 30 days next preceding the expiration of the year, and annually thereafter. The penalty for a fraudulent disposition of the chattels mortgaged is a fine of not more than $500, or imprisonment for not more than 3 months, or both. It must be filed only, but need not be recorded in full.

Oklahoma. -Two attesting witnesses must sign; no other acknowledgment is necessary. The mortgage is valid for 3 years only, unless renewed. The mortgagor is deemed guilty of a felony for fraudulent disposition of the things mortgaged. Upon default, the mortgagee may sell the property upon giving 10 days' public notice. The mortgage must be filed in the office of the register of deeds in the county where the property is situated.

Oregon. A mortgage is valid for 1 year only, unless annually renewed. Upon default, the mortgagee is entitled to immediate possession of the property. Foreclosure may be by any process agreed upon in the mortgage.

Pennsylvania. - Chattel mortgages are rarely used. Leasehold interests of collieries, mining land, and the like, may be mortgaged in a manner similar to real estate. Chattel mortgages are authorized upon iron ore, pig iron, blooms, and rolled or hammered iron in sheets, bars, or plates; iron and steel nails, steel ingots and billets, rolled and hammered steel in sheets, bars, or plates; all boilers, engines, oil, gas, and artesian well supplies, and all steel or iron castings of every description, not in place; all petroleum or coal oil, crude or refined, in tanks, barrels, reservoirs, or other receptacles, in bulk; all roofing slate, slate quarried, to be used for roofing or manufactured for other use; asphaltum blocks, including all materials used in the manufacture thereof; all manufactured cement in barrels, bags, or bins, and material on hand used in the manufacture thereof. The mortgage must be recorded in the county where the property is situated, and is then valid until 3 months after maturity, but within the 3 months may be renewed for 1 year from the maturity. If the mortgagor sell the property without informing the purchaser of the mortgage, he is liable to a fine of not less than $100 nor more than the entire value of the property, or imprisonment for not less than

30 days nor more than 1 year, or both. The mortgagee, upon default, having given 30 days' notice to the mortgagor, and 10 days' public notice, may sell the chattels at public auction.

Rhode Island. - The mortgagor has 60 days after default to redeem. Foreclosure may be according to the terms in the mortgage, or by bill in equity. The mortgage must be recorded or the property delivered to, and retained by, the mortgagee within 5 days from the date of signing thereof.

South Carolina. - Execution must be in the presence of one witness. The mortgage must be recorded within 40 days from execution. For fraudulent disposition of the chattels mortgaged, the mortgagor is guilty of a misdemeanor. Foreclosure is by seizure and sale after 15 days' advertisement.

South Dakota. -The same provisions govern as in North

Dakota.

Tennessee. -A mortgage upon a stock of goods from which sales are being made is void. For fraudulent disposition of the chattels mortgaged, the mortgagor is deemed guilty of a felony. The mortgagee usually sells under the power in the mortgage. The mortgage must be registered.

Texas. If the original be deposited for filing, no acknowledgment is necessary; otherwise, in case of a copy. A mortgage on a stock of goods from which sales are being made is void. The penalty for fraudulent disposition of the goods mortgaged is imprisonment in the penitentiary for not less than 2, nor more than 5, years. Justices of the peace have jurisdiction to foreclose, when the amount is $200 or less, exclusive of interest. The mortgage must be filed in the office of the clerk of the county where the property is situated; or, if the mortgagor be a resident of the state, then of the county of which he is a resident.

Utah. -No mortgage of personal property exempt from execution is valid unless executed by both husband and wife. The mortgage must be filed, but need not be recorded. It is void after 1 year from filing, unless renewed within 30 days from the expiration of such year, but no mortgage is good longer than 5 years from the original filing. The mortgagor is punishable by fine or imprisonment, or both, in case of fraudulent disposition of the chattels mortgaged.

Vermont. -No mortgagor shall execute a second or subsequent mortgage without setting forth in the mortgage the existence of all previous mortgages. The mortgagor may be fined in double the value of the property, where there is a fraudulent disposition of the chattels

mortgaged. Thirty days after default, upon 10 days' notice, the mortgagee may sell the chattels at public auction. This is the only method of foreclosure. Every chattel mortgage must be recorded in the office of the clerk of the city or town where the mortgagor resides at the time of making the mortgage.

Virginia. - Deeds of trust are more generally used than chattel mortgages. They must be recorded. If the goods be removed to another county, the mortgage must be there recorded within 1 year.

Washington. - The mortgage must be filed in the office of the county auditor within 10 days from execution. If the property be removed to another county, the mortgage must be there recorded within 30 days.

West Virginia. - Deeds of trust are more generally used than chattel mortgages. They must be recorded.

Wisconsin. -The wife must join in a mortgage of property exempt. Mortgages of stocks of goods retained by mortgagor, who makes sales and applies proceeds on mortgage debt, become invalid as to third parties, and due as between mortgagor and mortgagee, unless every 60 days the mortgagor file a verified statement of all sales, the amount to be applied on the debt, and all new stock added. The mortgage is valid for 2 years only unless renewed for 2 years by filing an affidavit setting out the mortgagee's interest, within 30 days before the expiration of the said 2 years. The penalty for fraudu lent disposition of the goods mortgaged is a fine of not more than $100, or imprisonment not exceeding 6 months. The mortgage usually contains a power of sale. It, or a copy thereof, must be filed in the office of the clerk of the city or town where the mortgagor resides, or, if he be a non-resident, then where the chattels are kept.

Wyoming. The mortgage must be executed in the same manner as a deed of real property. It is valid until 60 days after maturity, and may be annually renewed, but must be filed with the county clerk. A mortgage containing a power of sale may be foreclosed by advertisement for 3 weeks.

PROVINCES OF THE DOMINION OF CANADA

British Columbia. - The mortgage must be registered in the district within which the chattels are situated within 21 days, or, if east of the Cascade Mountains, within 30 days.

Manitoba. - A duplicate mortgage must be filed with the county clerk in the county court division where the chattels are situated within 5 days from execution, and renewed every 2 years by filing a statement of the amount due thereon.

New Brunswick. - Every mortgage or conveyance of chattels not completed by delivery and an actual change of possession must be filed within 30 days of execution, with affidavits of execution and of bona fides. This must be renewed each year if notice be given to the mortgagee; and, if default for 30 days after notice be made, the bill of sale is void as against subsequent purchasers.

Nova Scotia. - The mortgage must be filed in the registry of deeds for the county wherein it is made, accompanied by an affidavit from the grantor of the amount due, and of good faith.

Ontario. - Mortgages must be filed with the clerk of the county court of the county where the goods are situated, within 5 days from execution, accompanied by an affidavit of execution, and of good faith. They must be renewed annually.

Quebec. - Chattel mortgages are not allowable in this province except in the case of a vessel in the course of construction; effects may, however, be pledged, by being placed in the hands of the creditor.

CONDITIONAL SALES AND INSTAL

MENT LEASES

When personal property is sold, or contracted to be sold, and the possession thereof is delivered to the vendee on the condition that the title is to remain in the vendor until the purchase price is paid, or some other condition is fulfilled, the general rule, except where the case is controlled by statutes providing otherwise, is that the transaction in the absence of actual fraud is valid as to all parties; as in Arkansas, California, Delaware, Florida, Indiana, Michigan, New Mexico, Oregon, Rhode Island, Tennessee, and Utah. In the larger number of the states and territories of the United States, however, in order that the transaction may be valid as to creditors, subsequent mortgagees or purchasers from the vendee or lessee in such a contract having possession of the chattels, certain formalities must be complied with, as that the contract must be in writing, acknowledged and recorded. In Arizona, Colorado, Georgia, Illinois, Iowa, Kansas, Kentucky, Maine, Missouri, North Carolina, Ohio, South Carolina, Texas, and Wisconsin, such a contract must be executed and recorded in the same manner as chattel mortgages. The provisions as to conditional sales and instalment leases, in other jurisdictions, are as follows:

Alabama. - If personal property be sold under contract whereby the vendor retains title until the purchase price is paid, the contract must be in writing, and recorded within 60 days in the county where the purchaser resides, and also where the property is located; otherwise, it is void against subsequent purchasers for a valuable consideration and judgment creditors. This provision does not apply to Mobile, Etowah, Marion, and Calhoun counties.

Connecticut. -All contracts for the sale of personal property, except household furniture, musical instruments, bicycles, and such property as is by law exempt from attachment and execution, conditioned that the title thereto shall remain in the vendor, must be in writing, describing the property and all conditions of said sale, acknowledged before some competent authority, and recorded within a reasonable time in the town clerk's office in the town where the vendee resides; otherwise, they will be held to be absolute sales, except as between the vendor and the vendee, or their personal representatives, and will be liable to be taken by attachment for the debts of the vendee.