Chap. 213.—An ACT to permit certain co-operative associations to give deeds o
trust or chattel mortgages on rotating stocks of goods to secure loans fron
banks for co-operatives organized under the Federal Farm Credit Act of 1933

[H B 337

Approved March 27, 1934

1. Be it enacted by the General Assembly of Virginia, That any
co-operative association or corporation organized under the laws o
this State, or under the laws of the United States, or qualifying as ;
co-operative association under the laws of the United States, may giv
as security for any loan or loans obtained from any bank for co-op
eratives organized under the Act of Congress approved June sixteenth
nineteen hundred thirty-three, known as the Farm Credit Act of nine
teen hundred thirty-three, a chattel mortgage or deed of trust cover
ing stocks of goods or other things in bulk, but changing in specifics
in which case the lien of such mortgage or deed of trust shall be los
as to all articles disposed of by the mortgagor up to the time of fore

closure but shall attach to the articles purchased to supply their places:
provided, however, no stock of goods shall be pledged by a co-op-
erative association unless such stock has been fully paid for and is
owned by the association without incumbrance at the time it is so
pledged.