Louisiana Revised Statutes 45:611 – Conditional sales of tank cars lawful
Terms Used In Louisiana Revised Statutes 45:611
- Contract: A legal written agreement that becomes binding when signed.
In any contract for the sale of a tank car the parties may agree that the title to the property sold or contracted to be sold, shall not vest in the purchaser until the purchase price is paid and until the terms of the contract have been fully performed, notwithstanding that the purchaser may have been given possession or control of the property.
And in any contract for the leasing and hiring of such property the parties may stipulate for a conditional sale, to take effect and to become an absolute and unconditional sale after the termination of the contract. And in these contracts the parties may also agree that the rentals or amounts received under the contract may be paid, 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 is paid in full and until the terms of the contract have been fully performed, notwithstanding that the lessee or bailee may have been given possession or control of the property.