Bendel

The Crystal Ice Company executed a chattel mortgage to one Wain wright to secure the payment of a promissory note, and a subsequent mortgage, on the same property, for a like purpose, to the respondent. The mortgage to Wainwright contained the following clause: “And in case "default shall be made in the payment of said note, or of the interest thereon, when *200 due, or any part thereof, according to its terms, or in case default be made in the performance of any of the covenants thereof, then the said mortgagee is hereby empowered to proceed to sell the above mortgaged property, either by proceedings of foreclosure, as provided by the Code of Civil Procedure, or by a sale of the mortgaged property, and proceedings had and taken as in case of pledges, without any previous demand for the performance or notice of time and place of sale, the said mortgagor having waived demand and notice, and at any such sale the mortgagee may become the purchaser, if he so desire, either directly or indirectly.”

Default was made in the payment of the note, and Wainwright, acting under the authority above quoted, sold the property, and after several transfers, the same was purchased by the appellant…