If a mortgage on personalty is given to secure several debts falling due at different times, the mortgagee may foreclose when the first debt becomes due; and the court will control the surplus so as to protect the lien created for the debts not due.
(Orig. Code 1863, § 1967; Code 1868, § 1955; Code 1873, § 1965; Code 1882, § 1965; Civil Code 1895, § 2739; Civil Code 1910, § 3272; Code 1933, § 67-1001.)
RESEARCH REFERENCES
Am. Jur. 2d.
- 69 Am. Jur. 2d, Secured Transactions, §§ 557, 572, 590-606, 734-736.
C.J.S.- 14 C.J.S., Chattel Mortgages, §§ 183, 360.
ALR.
- Validity, construction, and application of insecurity clause in chattel mortgage, 125 A.L.R. 313.
Excess of payment for one period as applicable to subsequent period under contract or mortgage providing for periodic payments, 89 A.L.R.3d 947.