England

This appeal arises out of a proceeding in bankruptcy in which appellant sought unsuccessfully to reclaim certain chattels in the possession of the trustee, appellee here.

On February 18, 1947, appellant loaned the bankrupt $5,000 on the security of a chattel mortgage on three motor vehicles. At that time the vehicles were severally under mortgage to three other lenders to secure obligations of the bankrupt in the total sum of $4,024.30. These lenders held the legal title to the vehicles. On the date mentioned appellant paid off the existing encumbrances by remittances made directly to the legal owners, and subsequently received from the latter the endorsed-certificates of title, or “pink slips” as these are commonly called. The precise date the pink slips were surrendered to appellant is not shown, but the record suggests that it could not have been more than a few days after February 18. • On March 21, 1947, thirty-one days after execution, appellant forwarded to the Department of Motor Vehicles at Sacramento a certified copy of its mortgage, plus the endorsed pink slips and the necessary fees. On May 19, 1947, the mortgagor was adjudicated a voluntary bankrupt. Thereafter the…