Chattel Mortgages.—Every mortgage or conveyance intended to operate as a lien upon personal property, which is not accompanied by immediate delivery, followed by an actual and continued possession of the property mortgaged, is absolutely void as against the creditors of the mortgagor, and as against subsequent purchasers or mortgagees in good faith, unless the mortgage or a true copy thereof be forthwith deposited in the office of the register of deeds in the county where the property is situated, or if the mortgagor be a resident of some other county of this state, then of the county of which he is a resident. As between the original parties, any personal property that may be sold may be mortgaged, for the mortgage is at least a contract or an assignment. The description of the property in the mortgage must be sufficiently definite to enable third persons to identify it. If the mortgagor reserves the right of possession, the mortgagee cannot replevy or otherwise take possession before conditions are broken. After conditions are broken, the mortgagee may take possession or obtain it by replevin, but possession, however obtained, whether by replevin or consent, or under a stipulation in the mortgage, does not give the mortgagee an absolute ownership, though he may sell the property on reasonable notice to the mortgagor, but must account for the surplus after his debt is paid. The remedy for conditions broken is like foreclosure of real estate mortgages and cuts off all equities of redemption, for it is an enforcement of the terms of the mortgage.

Every mortgage filed is void as against the creditors of the person making the same, or against subsequent purchasers or mortgagees in good faith, after the expiration of two years from the filing thereof, unless, within 30 days next preceding the expiration of the term of two years from such filing and each two years thereafter, the mortgagee, his agent or attorney, makes an affidavit exhibiting the interest of the mortgagee in the property at the time last aforesaid, claimed by virtue of such mortgage, and, if said mortgage is to secure the payment of money, the amount yet due and unpaid. Such affidavit shall be attached to and filed with the instrument or copy on file to which it relates. If such affidavit is made and filed before any purchase of such mortgaged property is made, or other mortgage deposited, or lien obtained thereon in good faith, it is valid to continue in effect such mortgage as if the same had been made and filed within the period provided. A copy of any such original instrument, or any copy thereof so filed, including any affidavit made in pursuance of the statute, certified by the register in whose office the same is filed, will be received in evidence, but only of the fact that such instrument or copy and such affidavit was received and filed according to the indorsement of the register thereon. When the mortgage is paid or satisfied due entry must be made of that fact on the record.