H. W. Bass Drilling Co. v. Ray‪.‬

It seems to us that counsel for appellant make a wrong assumption on which they base their conclusion that appellees equitable lien comes within the requirements of the Colorado chattel mortgage statute and had to be placed of public record, if possession of the chattels had not been taken by appellee before bankruptcy, to save its validity; and that assumption is that the Colorado Supreme Court has so construed its statute. In their brief filed with the motion they say: "The holding of the Bogdon case, Bogdon v. Fort, 75 Colo. 231, 225 P. 247, however, is controlled by one essential fact not found in this matter, i.e., in the Bogdon case the holder of an equitable lien had taken possession prior to bankruptcy." There is no such statement in the opinion in that case and no discussion of an equitable lien. The situation there was this, as stated by the court: