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ASSOCIATES INVESTMENT CO. v. MICHIGAN NATIONAL BANK

No. 16667.

397 S.W.2d 552 (1965)

ASSOCIATES INVESTMENT COMPANY, Appellant, v. MICHIGAN NATIONAL BANK, Appellee.

Court of Civil Appeals of Texas, Fort Worth.

Rehearing Denied January 7, 1966.

Attorney(s) appearing for the Case

McGown, Godfrey, Logan & Decker, and John W. McMackin and Henry O. Getchell, Fort Worth, for appellant.

Garrett & Garrett, and Rufus Garrett, Jr., Fort Worth, for appellee.

MASSEY, Chief Justice.

The question to be resolved in the instant case is whether,—under Texas' motor vehicle "Certificate of Title Act", Vernon's Ann. Texas Penal Code, Art. 1436-1,—a mortgage lien upon a new vehicle under the "transferee" dealer's "floor plan" may be either destroyed or made subsidiary to the mortgage lien of a financing agency becoming interested incident to the subsequent "first sale" thereof by the dealer to his customer purchaser...

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