https://www.taxtmi.com/caselaws?id=302306 A mortgage of movables was treated as capable of extending to after-acquired machinery, and the later bank transaction was found to create a pledge with actual possession. Between competing security interests, the later pledgee in possession was given priority over the prior mortgagee who had not secured possession, the court applying equitable principles in the absence of a governing statutory rule. The bank's private sale of pledged goods was held irregular because reasonable notice was required, and the notice given did not provide a proper opportunity to redeem or secure the best price. The costs order against defendant 5 was set aside. en-us Wed, 22 Jul 1931 00:00:00 +0530 Sat, 14 May 2022 11:15:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302306 A mortgage of movables was treated as capable of extending to after-acquired machinery, and the later bank transaction was found to create a pledge with actual possession. Between competing security interests, the later pledgee in possession was given priority over the prior mortgagee who had not secured possession, the court applying equitable principles in the absence of a governing statutory rule. The bank's private sale of pledged goods was held irregular because reasonable notice was required, and the notice given did not provide a proper opportunity to redeem or secure the best price. The costs order against defendant 5 was set aside. Case-Laws Indian Laws Wed, 22 Jul 1931 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302306