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Art. 2140
Registration adds nothing to the instrument, considered as a source of title and affects nobodys rights
except as a species of notice.
The affidavit is required only for the purpose of transforming and already valid mortgage into preferred
mortgage. Thus, it is not necessary for the validity of the Chattel Mortgage itself but only to give it a
preferred status.
The 30 day period to foreclose a chattel mortgage is the minimum period after violation of the
mortgage condition for the mortgage creditor to cause the sale at public auction of the mortgaged chattel
with at least ten (10) day notice to the mortgagor and posting of public notice of time, place, and
purpose of suck sale, and is a period of grace for the mortgagor, to discharge the mortgage obligation.
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