just consideration


just consideration
A consideration legally sufficient. Moruzzi v Federal Life & Casualty Co. 42 NM 35, 75 P2d 320, 115 ALR 407. Under a statute requiring a chattel mortgage when filed to be accompanied by an affidavit stating inter alia that the mortgage is "just," a statement that the mortgage is given "for value received" and "in good faith" is not sufficient. A consideration may well be for value and yet not "just," and that the mortgage is given in good faith merely indicates that it is not collusive or fraudulent and a denial of collusion or fraud is not an affirmation that the claim due the creditor is just. Schuster v Wendling (CA6 Ohio) 116 F2d 596.

Ballentine's law dictionary. . 1998.

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