ART. 21 ] BILLS OF SALE—CHATTEL MORTGAGES. 509

in case of more than one mortgage, the one first recorded shall have
preference.

An unrecorded mortgage is good between the parties, and a pre-existing
indebtedness is a sufficient consideration. Textor v. Orr, 86 Md. 398.
See notes to sections 16 and 43.

1904, art. 21, sec. 49. 1888, art. 21, sec. 48. 1860, art. 24, sec. 50. 1856, ch. 154,

sec. 141. 1896, ch. 120. 1898, ch. 49. 1898, ch. 275. 1898, ch. 501.

1900, ch. 81. 1902, ch. 26. 1902, ch. 102.

51. Mortgages of personal property may be assigned and released
in the same manner as mortgages of real property, according to the
rules hereinbefore prescribed for the assignment and release of the
same.

See sec. 34, et sen.

Ibid. sec. 50. 1888. art. 21, sec. 49. 1860, art. 24, sec. 51. 1846, ch. 271
1847, ch. 305, sec. 1. 1902, ch. 26. 1902, ch. 102.

52. No bill of sale or mortgage of personal property shall be valid,
except as between the parties, unless the bargainee or vendee or mort-
gagee, or some one of them, or the agent of some one of them, shall
make an affidavit that the consideration in said bill of sale or mortgage
is true and bona fide as therein set forth, and no mortgage of personal
property executed since March 27, 1902, shall be Valid, except as
between the parties thereto, unless in addition to the above prescribed
affidavit, the mortgagee, or some one of them, or the agent of some one
of them shall make the further oath or affirmation prescribed by section
32, and such affidavit may be made at any time before recording, and
before any person authorized to take the acknowledgment of such bill
of sale or mortgage.

Application of this section.

This section is applicable where the mortgagor and mortgagee are non-
residents, the property being located in this State. Such a mortgage without
an affidavit is invalid as against attaching creditors. Pleasanton v. Johnson,
91 Md. 676.

This section has no application to a voluntary deed for the benefit of cred-
itors. Conveyances contemplated by this section. Hoopes v. Knell, 31 Md.
554; Mackintosh v. Corner, 33 Md. 606.

The acts of 1846, ch. 271, and 1847, ch. 305, only apply to such bills of sale
as are required to be acknowledged and recorded; hence If the property
passes to the vendee, no affidavit is required—see notes to section 43. Bryan
v. Hawthorne, 1 Md. 524; Waters v. Dashiell, 1 Md. 474.

Generally.

A mortgage without the formalities prescribed by section 43 and this
section is subordinate to a second mortgage duly executed, acknowledged and
recorded. Butler v. Gannon, S3 Md. 341.

The affidavit may be made at any time before recording, and before any
person authorized to take the acknowledgment of the bill of sale or mort-
gage. Fersner v. Bradley, 87 Md. 492.

Though a bill of sale be defective in not having the affidavit, it may be set
up as a valid contract in equity. Ing v. Brown. 3 Md. Ch. 525; Alexander v.
Ghiselin, 5 Gill, 138.

Purpose of this section; a substantial compliance Is sufficient. Marlow v.
McCubbin, 40 Md. 136. And see Mackintosh v. Corner. 33 Md. 606. Cf. Den-
ton v. Griffith, 17 Md. 304.

For cases now apparently inapplicable to this section by reason of changes
in the law, see Fouke v. Fleming, 13 Md. 412; Wilson v. Carson, 12 Md. 54.

See sec. 32 and notes.