229 Wis. 19 | Wis. | 1938
On July 21, 1933, one Johnson executed a chattel mortgage upon a certain Plymouth sedan to A. B.
Defendant’s first contention is that upon the undisputed facts there was no' conversion of the car. We see no escape from this contention. In Illinois T. & S. Bank v. Alex. Stewart L. Co. 119 Wis. 54, 94 N. W. 777, it was held that while a chattel mortgagee holds the legal title to the property mortgaged, his interest is special and limited to the amount of the mortgage indebtedness; that the general property and equitable title being in the mortgagor, the latter may sell and convey a good title subject to' the mortgage; and that the special interest of the mortgagee, until it becomes absolute, may be extinguished by the owner of the general property by payment of the mortgage indebtedness. This is in accordance with the modern rule that for all practical purposes chattel mortgages are mere liens. It follows from what has
Several other questions are raised by appellant, but since the foregoing disposes of the appeal, no purpose will be served by discussing them.
By the Court. — Judgment reversed, and cause remanded with directions to dismiss the complaint.