303. Right of redemption on mortgage of chattels.

303.     Right of redemption on mortgage of chattels.

On a mortgage of chattels, even after the mortgagee has seized the goods, the mortgagor can still redeem so long as the goods are in the mortgagee's possession1. The right to redemption is incident to the contract of mortgage; it does not depend on the form of the transaction2, and cannot be negatived by contemporaneous agreement or even clogged3.