CONVEYANCING. 615

A mortgage held to be executed, acknowledged and recorded as required. Salabes
v. Castelberg, 98 Md. 652.

This section referred to in construing sec. 44. Ober and Sons Co. v. Keating, 77
Md. 103.

This section cited in construing sec. 48. Fouke v. Fleming, 13 Md. 407.

This section referred to in construing sec. 53. Pleasanton v. Johnson, 91 Md. 676.

As to the interest chargeable on chattel mortgages, see art. 49, sec. 7, and art. 23,
sec. 152.

As to fraud by mortgagors of personal property, see art. 27, secs. 210 and 211.

See art. 21, sec. 44, and notes.

An. Code, sec. 49. 1904, sec. 47. 1888, sec. 46. 1856, ch. 154, sec. 139.

50. A mortgage of personal property shall be deemed to contain an
implied covenant (unless the contrary is therein expressed) by the mort-
gagor to pay the debt and interest specified in said mortgage.

Cited but not construed in Dentzel v. City, etc., Ry. Co., 90 Md. 446.

An. Code, sec. 50. 1904, sec. 48. 1888, sec. 47. 1856, ch. 154, sec. 143.

51. Mortgages of personal property shall be valid and take effect, except
as between parties thereto, only from the time of recording; and in case of
more than one mortgage, the one first recorded shall have preference.

This section is intended for the protection of purchasers, lienors and subsequent
creditors without notice. A bankrupt trustee may assert the invalidity of an un-
recorded contract reserving title to certain supplies sold, as regards creditors with-
out notice. Roberts & Co. v. Robinson, 141 Md. 49.

An unrecorded mortgage is good between the parties and a pre-existing indebted-
ness is sufficient consideration. Creation and enforcement of equitable lien. Golds-
borough v. Tinsley, 138 Md. 419; Textor v. Orr, 86 Md. 398.
See notes to secs. 16 and 44.

An. Code, sec. 51. 1904, sec. 49. 1888, sec. 48. 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.

52. Mortgages of personal property may be assigned and released in
the same manner as mortgages of real property, according to the rules here-
inbefore prescribed for the assignment and release of the same.
See sec. 35, et seq.

An. Code, sec. 52. 1904, sec. 50. 1888, sec. 49. 1846, ch. 271. 1847, ch. 305, sec. 1.

1902, ch. 26. 1902, ch. 102.

53. No bill of sale or mortgage of personal property shall be valid,
except as between the parties, unless the bargainee or vendee or mortgagee,
or some one of them, or the agent of some one of them, shall make an affi-
davit 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 exe-
cuted 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 33, 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.