What is the test for the validity of a chattel mortgage?
Alberta, Canada
The following excerpt is from Mt. View Charolais Ranch Ltd. v. Haverland, 1973 ALTASCAD 64 (CanLII):
The answer to the first question does not resolve the issue as to the validity of the chattel mortgage, for even if the principle enunciated in Trevor v. Whitworth does not apply a second question must be resolved and that is whether the granting of the chattel mortgage for such purpose is within the objects of the appellant Company or the powers reasonably incidental to its objects.
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