205. Mortgages of personal chattels.

Personal chattels may be made security for repayment of a debt in two ways, namely by pledge1 or by mortgage2. If a mortgage of personal chattels is in writing it is subject to the statutory provisions affecting bills of sale3, but such a mortgage may be made orally and need not be in writing4. A parol mortgage of chattels, completed by actual delivery, is not within the statutory provisions affecting bills of sale5