UNIFORM CONDITIONAL SALES ACT At the National Conference of Commissioners on Uniform State Laws at Salt Lake City, Utah, in August, 1915, a resolution was adopted that the subject of Conditional Sales Contracts be referred to the Committee on Commercial Law for consideration with directions to draft a Uniform Act on that subject, if in its judgment it should deem that wise, and to employ such expert assistance as it might deem proper. In accordance with this resolution the Committee retained the services of Prof. Bogert of Cornell University who prepared a tentative draft of the act which was submitted to the Conference held at Chicago in August, 1916, and after being debated section by section, was then recommitted to the Committee on Commercial Law The second tentative draft, revised by Prof. Bogert, was submitted to the Conference at Saratoga Springs, New York, in 1917, and was considered by the Conference sitting as a committee of the whole. The Conference recommended that the act be again recommitted to the Committee on Commercial Law for consideration in the light of the discussion and suggestions, and that it be reported to the 1918 Conference. At the conference in Cleveland, Ohio, in August, 1918, a resolution was adopted approving the third tentative draft of the Uniform Conditional Sales Act and recommending the same to the various legislatures for enactment. The act has been adopted in New Jersey in 1919. UNIFORM CONDITIONAL SALES ACT SECTION 1. Definition of Terms. 2. Primary Rights of Buyer. 3. Primary Rights of Seller. 4. Conditional Sales Valid Except as Otherwise Provided. 5. Conditional Sales Void as to Certain Persons. 6. Place of Filing. 7. Fixtures. 8. Railroad Equipment or Rolling Stock. 9. Conditional Sale of Goods for Resale. 10. Filing. 11. Refiling. 12. Cancellation of Contract. 13. Prohibition of Removal or Sale Without Notice. 14. Refiling on Removal. 15 Fraudulent Injury. Concealment, Removal or Sale. 16. Retaking Possession. 17. Notice of Intention to Retake. 18. Redemption. 19. Compulsory Resale by Seller. 20 Resale at Option of Parties. 21. Proceeds of Resale. 22. Deficiency on Resale. 23. Rights of Parties When There is no Resale. 24. Election of Remedies. 25. Recovery of Part Payments. 26. Waiver of Statutory Protection. 27. Loss and Increase. 28. Act Prospective Only. 29. Rules for Cases Not Provided for. 30. Uniformity of Interpretation. 31. Short Title. 32. Inconsistent Laws Repealed. UNIFORM CONDITIONAL SALES ACT AN ACT. Section 1.-(Definition of Terms.)-In this Act "Conditional sale" means (1) any contract for the sale of goods under which possession is delivered to the buyer and the property in the goods is to vest in the buyer at a subsequent time upon the payment of part or all of the price, or upon the performance of any other condition or the happening of any contingency; or (2) any contract for the bailment or leasing of goods by which the bailee or lessee contracts to pay as compensation a sum substantially equivalent to the value of the goods, and by which it is agreed that the bailee or lessee is bound to become, or has the option of becoming the owner of such goods upon full compliance with the terms of the contract. "Buyer" means the person who buys or hires the goods covered by the conditional sale, or any legal successor in interest of such person. 66 Filing district means the subdivision of the state in which conditional sale contracts, or copies thereof, are required by this Act to be filed. "Goods" means all chattels personal other than things in action and money, and includes emblements, industrial growing crops, and things attached to or forming a part of land which are agreed to be severed before sale or under the conditional sale. "Performance of the condition " means the occurrence of the event upon which the property in the goods is to vest in the buyer, whether such event is the performance of an act by the buyer or the happening of a contingency. "Person" includes an individual, partnership, corporation, and any other association. "Purchase" includes mortgage and pledge. "Purchaser" include mortgagee and pledgee. "Seller" means the person who sells or leases the goods covered by the conditional sale, or any legal successor in interest of such person. |