The Providence news. (Providence [R.I.]) 1891-1906, 1893-05-22
CHAPTER 1,1G0.
naQsad Fob 81 1909

coota Itb. SIS 1o|of
AN ACr Relating TO certain Contracts for the
Conditional Sale, Lease, or Hire Of Railroad
and street Railway Equipment and Rolling
Stock, and providing for the recording there
OF.
II is enacted by the General Assembly as fol-
lows:
SECTION 1. In any contract for the sale of
railroad or street railway equipment or rolling
stock, IL shall be lawful to agree that the title
TO the property sold, or contracted TO be sold,
although possession thereof may be delivered
Immediately or at any time or times subse-
quently. shall not vest In the purchaser until
the purchase price shall be fully paid, or that
the seller shall have and retain a lien thereon
for the unpaid purchase-money. And in any
contract for the leasing or hiring of such prop
erty, IL shall be lawful TO s~tipulate for a condi-
tional sale thereof at the termination OF such
contract, and that the rentals OF amounts to be
received under such contract may, as paid. be
applied and treated as purchase-money, and
that the title to the property shall not vest in
the lessee or bailee until the purchase price
shall have been paid In full, and until the terms
OF the contract shall have been fully per-
formed, Notwithstanding delivery to and pos
session by such lessee or bailee: provided, that
no such contract shall be valid as against any
subsequent 1udgn >nt creditor, or any subse-
quent bona ide purchaser for value and with
out notice. unless:
i. The same shall be evidenced by an instru-
ment executed by the parties and duly ac-
knowledged by the vendee or lessee or bailee,
as the case may be. or duly proved, before some
person authorized by law to take acknowledge
ment Of deeds, and in the same manner as
deeds are acknowledged or proved;
III. Such instrument shall be filed for record
I'm the Office of the Secretary of State;
iii. Each locomotive engine or car so sold,
leased or hired, or contracted TO be sold, leased
or hired, as aforesaid. shall have the name of
the vendor, lessor. or bailor plainly marked on
the side thereof, followed by the word ''owner"
or lessor" or "bailor." as the case may be.
SEC. 2. The contracts herein authorized shall
be recorded by the Secretary Of State in "A book
Of records to be kept for that purpose. And on
payment in full Of the purchase-money, and
the performance Of the terms and conditions
stipulated In any such contract, a declaration
In writing to that effect may be made by the
vendor. lessor, or bailor, or his or its assignee,
which declaration may be made on the margin
Of the record Of the contract, Nuly attested, or
IL may be made by q separate instrument, To
be acknowledged by the vendor, lessor. or bail
or. or his or It's assignee, and recorded as afore-
said. And for such services the Secretary Of
State shall. be entitled to demand and retain
for the use OF the State the sun OF fifteen Q5)
cents for each one hundred O0W words record
ed, for recording each of said contracts and
each Of said declarations, and n fee of fifty 900
cents for noting such declarations on the mar.
gin Of the record.
SEC. 3 This act shall not be held to inval-
date or affect in any way any contract hereto
fore made OF the kind referred TO In the first
section hereof, and any such contract hereto
fore made may. upon compliance with the pro-
visions of this act, be recorded as herein pro-
vided.
SEC. 4. This act shall take effect from and
after its passage.