Model T Motors Ltd. was indebted to Simple Finance for a substantial sum of money. The finance…

Model T Motors Ltd. was indebted to Simple Finance for a
substantial sum of money. The finance company held a number of mortgages on the
corporation’s assets, but pressed the corporation for a blanket demand chattel
mortgage as additional security. Under pressure from the finance company, one
of the principal shareholders, who was also one of the signing officers of the
corporation, executed a blanket chattel mortgage to the creditor. The mortgage
was not made under the corporation seal, and only one of the two signatures
required by the corporation’s by-laws was placed on the document.
»

Model T Motors Ltd. was indebted to Simple Finance for a
substantial sum of money. The finance company held a number of mortgages on the
corporation’s assets, but pressed the corporation for a blanket demand chattel
mortgage as additional security. Under pressure from the finance company, one
of the principal shareholders, who was also one of the signing officers of the
corporation, executed a blanket chattel mortgage to the creditor. The mortgage
was not made under the corporation seal, and only one of the two signatures
required by the corporation’s by-laws was placed on the document. Some time
later, the finance company obtained the corporate seal of Model T Motors for
another purpose and affixed it to the chattel mortgage. A few weeks later, when
a payment on the loan was overdue, Simple Finance seized the assets of Model T
Motors under the blanket chattel mortgage. Advise Model T Motors of its
position in this case. If the matter came before the courts, how would you
expect the case to be decided?

»

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