298 ARTICLE 23.

1965, ch. 258.

447. Any cooperative association or corporation, organized under the
laws of this State, or under the laws of the United States, or qualified to
do business in this State, and qualified as a cooperative association under
the laws of this State and/or under the laws of the United States, may
give as security for any loan or loans obtained from any bank for co-
operatives, organized under the act of Congress known as the Farm Credit
Act of nineteen hundred thirty-three, or for any loan or loans obtained
from any Federal intermediate credit bank, organized under an act of
Congress known as the Agricultural Credits Act of nineteen hundred
twenty-three, a chattel mortgage or deed of trust covering stocks of goods
or inventories, or other things in hulk, but changing in specifics, in which
case the lien of such mortgage or deed of trust shall be lost as to all
articles disposed of by the mortgagor prior to the extinguishment of such
mortgage, but shall attach to the articles purchased to supply their places.