Legal Definition and Related Resources of Floor Plan Rule
Meaning of Floor Plan Rule
When a dealer in new automobiles has his stock incumbered with a mortgage it is called a floor plan mortgage Such a mortgage is void as against a bone fide purchaser without notice on the theory that notwithstanding the conditions of the mortgage and its record , an inference of apparent authority in the dealer to sell arises from the fact of his permission to exhibit the property precluding the mortgagee from asserting the mortgage against such person . mutual finance Co. v municipal Emp. union local No. 1099, 165 N.E.2d 1135.
Related Entries of Floor Plan Rule in the Encyclopedia of Law Project
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Floor Plan Rule in Historical Law
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Legal Abbreviations and Acronyms
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