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IN RE BOSSELL, VAN VECHTEN & CHAPMAN

30 Wis.2d 20 (1966)

IN RE VOLUNTARY ASSIGNMENT FOR BENEFIT OF CREDITORS OF BOSSELL, VAN VECHTEN & CHAPMAN: CAPITOL INDEMNITY CORPORATION, Appellant, v. HOPPE, Trustee, Respondent.

Supreme Court of Wisconsin.

February 1, 1966.

Attorney(s) appearing for the Case

For the appellant there were briefs by Arthur, Tomlinson & Gillman of Madison, and oral argument by Bruce Gillman.

For the respondent there was a brief by Hill, Miller & Quale of Baraboo, and oral argument by James H. Hill, Jr.

HALLOWS, J.

We agree with the trial court this assignment is a security device and constitutes a chattel mortgage. While assignments of contractors' tools and equipment under similar circumstances have been held to be valid they have not been sustained on the theory of an absolute transfer of property secret in nature. Surety companies are not in the business of buying the assets of their customers. In this state a deed, bill of sale or assignment given for security...

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