This section is from the book "Elementary Banking", by John Franklin Ebersole. Also available from Amazon: Elementary Banking.
A chattel mortgage on cattle states that the mortgagor, for the purpose of securing payment of his certain promissory note payable to the..............Bank (giving date, amount and due date of note), with interest from maturity at........per cent per annum until paid, sells and conveys to the bank certain described personal property owned by him. The cattle pledged is described by number, age, color, weight, name, marks or brands, from whom obtained and value. These mortgages usually include the crops planted on the land owned by the mortgagor. The following condition clause is included:
Provided, However, If I shall pay such debt and interest, then this mortgage shall be void; but, if default be made in the payment of said debt, according to the conditions of said note, or if during the lien of this mortgage I attempt to sell, remove or otherwise dispose of said mortgaged property, or any part thereof, or if I shall abuse or misuse said mortgaged property, or any part thereof, or shall fail to take reasonable or proper care thereof, whereby the same or any part thereof shall become depreciated in condition or value, or if said property or any part thereof shall be seized under a writ of attachment by virtue of an execution against me; or if at any time the said mortgagee shall, with reasonable cause, deem itself insecure, then and thereupon the said mortgagee or its agent, is hereby authorized to declare the whole debt due, and to enter upon the premises whereon said property, or any part thereof, may be, and take, remove and sell the same in the manner provided by law, and out of the proceeds the said mortgagee is herein and hereby authorized and empowered to retain such amount as shall be sufficient to satisfy the said entire indebtedness hereby secured, with interest thereon to the time of such sale, $10 attorney's fees, and such expenses as shall have been necessarily incurred in the seizure, keeping and sale of such property, returning to me or my representative any surplus derived from the said sale of the said property after having satisfied the several amounts aforesaid; and it is agreed that the said mortgagee retains in force all mortgages heretofore given securing the same or any part of the indebtedness hereby secured.
These mortgages should be signed and executed in the manner described in the preceding paragraph.
 
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