The claimant held a chattel mortgage on certain fixtures, the property of a corporation in which the bankrupt held a controlling interest. The validity of the mortgage was challenged by the trustee for the reason that it had been executed in disregard of the statutory requirements. It was admitted that the assent of the stockholders was not formally expressed, but it appeared that the requisite number of stockholders had, in fact, assented. Held, that the mortgage is void since it did not have the statutory consent to its execution, the fact of actual consent being immaterial. In re Joseph (W. D. N. Y. 1931) 46 F.(2d) 324.