A Treatise on Secret Liens and Reputed Ownership (Classic Reprint)

Excerpt from A Treatise on Secret Liens and Reputed Ownership

The extended use of credit incident to modern busi ness methods has directed the attention of the lawyer, banker and merchant to the rules of law which govern the giving of security by placing upon personal prop erty liens which are not made public. The secret lien is generally based upon the very natural desire of the borrower to secure funds on specific property, without undergoing the injury to his credit standing which would result from such a transaction becoming a mat ter of public knowledge.

While it has been well said that the fewer secret trusts or liens there are the better and secret liens are to be discouraged, yet the attempt of the business man of the present to make the most out of existing credit conditions tends to increase the number of such transactions. Interest in the rules of law governing these cases is not confined to the parties immediately involved in the transaction, but extends to all givers of credit. Transactions which may be good inter partes are frequently void as against general creditors, and it is in the conflict between the unsecured creditors and the secured creditor that the question is generally brought before the courts.

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