T.G. KAVANAGH, J.
In July, 1960, Anton Poznanski sold his bar in Detroit to George Cairns for $40,000, taking a note for $30,000, the unpaid balance of the purchase price. The note was secured by a chattel mortgage on the furniture and equipment of the bar and an agreement that Cairns would reassign the Class C liquor license upon default in paying the note. The chattel mortgage was not recorded.
In November, 1963, Cairns transferred the bar back to Poznanski...
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