1. B sends C a promissory note made by K payable to bearer, at the same time causing C to believe that it is S who is sending it. C receives the note as coming from S, discounts it and credits the proceeds on a prior indebtedness due from S to C. A number of weeks elapse before B discloses the facts to C and asserts ownership of the note. Held, B is estopped from asserting his ownership in the note inasmuch as C has changed its position by crediting B with payment of about seventy-five per cent. of his debt instead of suing him or otherwise enforcing the collection.
2. Where C advanced money to S to purchase an automobile and S gave C his check for twenty per cent. of the purchase price, together with a time draft for the balance and a so-called "trust receipt," S receiving the manufacturer's invoice for the purchased car, held, S is owner of the car and the trust agreement is in fact and essence a chattel mortgage.
PER CURIAM.
The decree appealed from will be affirmed, for the reasons stated in the opinion filed in the court below by Vice-Chancellor Buchanan.
For affirmance — THE CHIEF-JUSTICE, PARKER, KALISCH, BLACK, CAMPBELL, LLOYD, CASE, BODINE, WHITE, VAN BUSKIRK, McGLENNON, KAYS, HETFIELD, DEAR, JJ. 14.
For reversal — None.