Floor Plan Rule

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

Browse or run a search for Floor Plan Rule in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.

Floor Plan Rule in Historical Law

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Legal Abbreviations and Acronyms

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