DOCSLIB.ORG

Conditional Sales and Chattel Mortgages

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Conditional Sales and Chattel Mortgages Washington Law Review Volume 9 Number 3 10-1-1934 Conditional Sales and Chattel Mortgages William F. Starr Follow this and additional works at: https://digitalcommons.law.uw.edu/wlr Part of the Secured Transactions Commons Recommended Citation William F. Starr, Conditional Sales and Chattel Mortgages, 9 Wash. L. Rev. 143 (1934). Available at: https://digitalcommons.law.uw.edu/wlr/vol9/iss3/2 This Article is brought to you for free and open access by the Law Reviews and Journals at UW Law Digital Commons. It has been accepted for inclusion in Washington Law Review by an authorized editor of UW Law Digital Commons. For more information, please contact [email protected]. CONDITIONAL SALES AND CHATTEL MORTGAGES WmwAm F STARR* The contract of conditional sale and the chattel mortgage per- form a similar economic function. They are the principal devices by which the obligor may enjoy the use and possession of a chattel in winch a security interest is held by another. Either may serve to secure the payment to the vendor of the purchase money, while m Washington the chattel mortgage only may be employed to secure the repayment of a loan or the performance of other obliga- tions. i They arose out of different legal concepts, developed along dif- ferent lines, gave rise to different rights and remedies, but in the form of the two Uniform Acts have achieved a striking similarity It is the object of this article to relate the history of these se- curity instruments in the State of Washington, to show the legal consequences of a choice between them, to point out a few of the changes which would result from the adoption of either Uniform Act in this State, and finally to offer for discussion suggestions for a Composite Act covering the entire field of security in personal property TnEoRY AND FUNCTION The sole function of a conditional sale contract is to enable the vendor to deliver to the vendee possession of a chattel and retain the legal title for his protection until the purchase price has been paid. Under a conditional sale, as distinguished from a sale upon condition, in case the vendee fails to .perform as agreed, the vendor has a choice between asserting his right to enforce the affirmative obligation of the vendee to pay the purchase price, which converts it into an outright sale and vests legal title in the vendee or his assignee free from any lien for the purchase money, or forfeiting not only the vendee's right to acquire title but also any benefit to which the vendee otherwise would be entitled by virtue of the pay- ments already made. If the instrument gives the vendor this choice, it will be regarded as a conditional sale, although the parties may have termed it a lease. But a lease with a mere option to purchase is not a conditional sale because the vendor cannot elect to hold the lessee for the purchase price.1 However, if the so-called rent *Of the Seattle Bar. 'Bank of Californav. Clear Lake Lnmber Co., 146 Wash. 543, 264 Pac. 705 (1928). Likewise a bill of sale cannot be shown to be a mortgage If there is no enforceable debt obligation. Hays v. Bashar 108 Wash. 491, 185 Pac. 814 (1919) Petrsdge v. Osborne, 120 Wash. 21, 206 Pac. 839 (1922). WASHINGTON LAW REVIEW covers all of the purchase price except a nominal sum, such as $1.00, then it is a true conditional sale for the lessor-vendor has an enforceable claim for substantially all of the purchase price, and it is not essential that the vendor be given the right, immedi- ately upon default, to accelerate the obligation and claim the entire purchase price at once. It is sufficient if he have an enforceable claim under the contract for the entire purchase price at some time, 2 provided he also have the alternative to declare a forfeiture. It IS to be observed that the only purpose to which the conditional vendor may put his retained title, so far as the vendee is concerned, is to repossess the chattel on default and forfeit the contract, the title passes if he sues for the purchase price. The cases abound with illustrations of the unhappy use of the word rescind as though it were synonymous with forfeiture.' Con- tracts are rescinded because of fraud, accident, mistake, or undue delay, ordinarily this is allowed only when the parties can be put substantially in statu quo and the consideration must be returned.4 In one sense this results in a forfeiture, but it is a forfeiture only of the rights to which by the terms of the contract the other party became entitled when the contract was made. But as used in con- nection with conditional sale contracts, the forfeiture includes the payments which have been made. The misconception which may arise from the lack of precision in the use of these words is illus- trated in a recent case. A conditional sale of realty provided for a forfeiture but omitted the usual provision that in that event the vendor should retain as liquidated damages the payments already made. The real contention of the vendee, although neither he nor the court so expressed it, would appear to have been that this con- tract gave the vendor merely the option to rescind on default by the vendee, but not to retain the payments. The court very prop- erly held that the word forfeiture implied the retention of the payments already made and that it was not necessary specifically to provide for it. 5 In Washington judicial decision restricts the conditional sale contract to the use of the actual vendor in the economic sense. It Quinn v. Parke & Lacey Machinery Co., 5 Wash. 276, 31 Paa. 866 (1892) Kidder v. Wittier Corbmn Mach. Co., 38 Wash. 179, 80 Pac. 301 (1905). For a case distinguishing a consignment from a conditional sale, see 125 Wash. 301, 216 Pac. 14 (1923). Grennelle v. Boulass, 48 Wash. 310, 93 Pac. 421 (1908) Bouvier's Dictionary. Grays Harbor Nat'l Bank of Aberdeen v. Jacobs & Hart et al., 169 Wash. 674, 14 Pac. (2d) 963 (1932) See also Lundberg v. Kitsap Bank, 79 Wash. 75, 139 Pac. 769 (1914). CONDITIONAL SALES is not adapted to the use of the financier or lender of money He cannot use the device to avoid the usury laws, nor to obtain the extraordinary remedies of the conditional vendor. And it is im- material whether he takes title from the borrower and executes a contract of conditional sale back to hun,6 or whether he intercepts the passing of title to the vendee, takes title from the economic vendor, and himself executes the contract of conditional sale.7 The conditional vendor must be one who actually made the sale and assumed the risks incident to the business of selling goods. Where the court finds that it is merely a "security transaction," 8 or a method of securing a money loan, 9 it is not enforceable as a conditional sale contract, and whether it may be enforced as a chattel mortgage depends upon questions of form, or filing, and of the parties who are contesting its validity However, the court drew a sound distinction in a case in which the receiver of the economic vendor sought to contest the contracts as being in fraud of the creditors of the economic vendor when the latter had in fact been paid in full, and held that if the contracts were invalid only the purchasers or their creditors could legally complain.lo It is not intended to suggest that the conditional sale is restricted to the use of the regular merchant, nor that one may not 'buy an article merely for the purpose of selling it on conditional sale, nor even that one may not sell under such a contract an article he does not own and thereafter purchase it to fulfill his contract, but mere- ly that the lender of money cannot step into the picture when the seller has found a purchaser, take title from the seller and execute the contract as nominal vendor. He may, however, as assignee of the vendor exercise all the rights reserved under the contract,"1 aSeaboardDairy Credit Corp. v. Paulson, 174 Wash. 594, 25 Pac. (2d) 974 (1933) Olson v. Legal Adj. Bureau, 142 Wash. 446, 253 Pac. 643 (1927). But see Dennis v. Montesano Bank, 38 Wash. 435, 80 Pae. 764 (1905). 7Ijon v. Nourse, 104 Wash. 309, 176 Pac. 359 (1918) Mahon -v. Nel- son, 148 Wash. 110, 268 Pac. 144 (1928). 'Kelley v. Price, 148 Wash. 542, 269 Pac. 842 (1928). OLahn & Simmons v. Matzen Woolen Mills, 147 Wash. 560, 266 Pac. 697 (1928), where the court also found it met its test of a chattel mortgage. " Lloyd, Receiver, v. MacCallnum-Donahoe Co., 127 Wash. 180, 21 Pac. 849 (1923). Commiercial Credit Co. v. Nat'l Cr Co., 143 Wash. 253, 255 Pac. 104 (1927). But the assignee can exercise only the rights of the assignor and where F advanced money to the vendee to meet payments, under an indefinite promise of some security, and subsequently paid the vendor the balance due and took an assignment of the contract, a tender of the amount of such balance, by the receiver of the vendee, vested title in the vendee free of the assignee's claim for the money advanced to the vendee to meet prior payments. Duarte v. Munniok, 85 Wash. 539, 148 Pac. 600 (1915). WASHINGTON LAW REVIEW but since the contract is not negotiable his position is not so ad- vantageous as it would be were he allowed to enter it as vendor.
Load more

Recommended publications
  • Residential Mortgage Securitization and the Financial Crisis
    AlmaAlma MaterMater StudiorumStudiorum –– UniversitUniversitàà didi BolognaBologna DOTTORATO DI RICERCA IN Diritto ed Economia: Law and Economics Ciclo XXIV Settore Concorsuale di afferenza: 12/E3 Settore Scientifico disciplinare: IUS/05 TITOLO TESI Mortgage securitization and its credit risk control Presentata da: Lebing Wang Coordinatore Dottorato Relatore Riccardo Leoncini Gilberto Antonelli Marina Timoteo Esame finale anno 2012 Abstract The burst of the mortgage meltdown in the U.S since 2007 is the gravest financial crisis that we have witnessed until now. This dissertation concentrate on the mortgage securitization and its credit risk, which are criticized as the main causes of the crisis. From the point of the veiw of mortgage's evolution, the nature, structure and function of mortgage has been radically changed, yet the mortgage law did not give appropriate response to this market change. Meanwhile, the U.S legilslations facilitating the mortgage securitization also have rotten the legal foundations for mortgage market self-regulation and sustained development. These constitute the institutional causes of the financial crisis. In contrast, the EU covered bond system has kept financial stability for 200 years' time, and their statutory approach has been proved to be able to control the credit risk and incentive problems very well, in combination of market self-regulation and public regulation. So the future reform should be directed to strengthen the market's capacity of self-regulation and improve the public regulation through reducing the improper intervention, such as the homeownership policy of the U.S. For the development of mortgage securitization in China, it is suggested to introduce the EU covered bond system for the reason of the equilibrium between funding efficiency and financial stability.
    [Show full text]
  • Polish Real Estate Law Overview
    Polish Real Estate Law Overview Legal Framework Perpetual Usufruct The fundamental principles of Polish law regarding real estate are The scope of the perpetual usufruct is similar to ownership. codified in the Polish Civil Code and supported by a wide range Differences include: of legislation regulating all special issues regarding in particular • in principle, the perpetual usufruct can only be established on land transfer of the legal title, development and management of real owned by the State Treasury or by a unit of local government estate. Case law (rulings of the Supreme Court and courts of appeal) is used for the interpretation of ambiguous regulations. • the maximum time period of perpetual usufruct is 99 years (but it can be given for a shorter period of at least 40 years in special Titles to Real Estates circumstances) and it can be prolonged The Polish Civil Code distinguishes between several legal institutions • buildings and other facilities erected on real estate by a perpetual that give a title to use and dispose of real estate. The most common are: usufructuary become their property (the same applies to buildings and other facilities which the perpetual usufructuary acquired at • titles to the most extensive rights to the real estate, i.e. the the time when the contract for putting land into perpetual usufruct ownership and the perpetual usufruct was executed) • limited property rights to another person’s real estate in the scope • the ownership of buildings and facilities erected on real estate strictly defined by law including usufruct, easement (servitude) held in perpetual usufruct can only be transferred together with the and mortgage right of the perpetual usufruct of that real estate • rights to use another person’s real estate arising from a contractual In addition to other charges and taxes related to property, the relationship, e.g.
    [Show full text]
  • Uniformity Versus Uniform Legislation Conditional Sale of Fixtures Ralph N
    Cornell Law Review Volume 24 Article 3 Issue 3 April 1939 Uniformity Versus Uniform Legislation Conditional Sale of Fixtures Ralph N. Kleps Follow this and additional works at: http://scholarship.law.cornell.edu/clr Part of the Law Commons Recommended Citation Ralph N. Kleps, Uniformity Versus Uniform Legislation Conditional Sale of Fixtures , 24 Cornell L. Rev. 394 (1939) Available at: http://scholarship.law.cornell.edu/clr/vol24/iss3/3 This Article is brought to you for free and open access by the Journals at Scholarship@Cornell Law: A Digital Repository. It has been accepted for inclusion in Cornell Law Review by an authorized administrator of Scholarship@Cornell Law: A Digital Repository. For more information, please contact [email protected]. UNIFORMITY VERSUS UNIFORM LEGISLATION: CONDITIONAL SALE OF FIXTURES RALPIH N. KLEPS* I. A prominent attorney in New York City numbers among his best clients a company which furnishes electric ranges, lighting fixtures, and wiring installations for many of the large-scale construction projects being carried out in that region and in the metropolitan areas of nearby New Jersey and Pennsylvania. These construction materials are sold on credit in many instances, and the conditional sale is the credit device by which the supply house attempts to retain title to its goods as security for the payment of the purchase price. These goods, however, are immediately delivered to the buyer and installed in the buildings for which they are designed. In many instances, the buildings are being financed on borrowed money, secured by mortgages on the land. Installments on these loans are usually advanced as the building nears completion, and the security relied on by the mortgagee is the land and the completed structure.
    [Show full text]
  • Conditional Sale and Development Agreement
    Dated 28 November 2008 (1) THE MAYOR AND BURGESSES OF THE LONDON BOROUGH OF CROYDON (2) CCURV LLP Conditional Sale and Development Agreement relating to a portfolio of properties in Croydon Eversheds LLP Tel 0845 497 9797 Senator House Fax 0845 497 4919 85 Queen Victoria Street Int +44 20 7919 4500 London DX 83 Chancery Lane WC2 EC4V 4JL www.eversheds.com lon_lib1\3183271\10 24 May 2011 newstod CONTENTS Clause Page 1 INTERPRETATION ..................................................................................... 1 2 AGREEMENT FOR SALE............................................................................ 13 3 SATISFACTION OF CONDITIONS............................................................... 14 4 A LOAN NOTES, A LOAN INTEREST AND B LOAN INTEREST AND C LOAN INTEREST.............................................................................................. 15 5 SALE AND PURCHASE.............................................................................. 16 6 REGISTRATION OF THE AGREEMENT ......................................................... 16 7 TERMINATION........................................................................................ 17 8 RIGHT OF ENTRY .................................................................................... 18 9 ENCUMBRANCES .................................................................................... 20 10 ADDITIONAL PROVISIONS ....................................................................... 20 11 DEVELOPMENT ......................................................................................
    [Show full text]
  • The Conditional Sale Doctrine in a Post-Quanta World and Its Implications on Modern Licensing Agreements
    THE JOHNIMARSHALL REVIEW OF INTELLECTUAL PROPERTY LAW THE CONDITIONAL SALE DOCTRINE IN A POST-QUANTA WORLD AND ITS IMPLICATIONS ON MODERN LICENSING AGREEMENTS WILLIAM LAFUZE, JUSTIN CHEN AND LAVONNE BURKE ABSTRACT The exclusive rights of a patent owner to exclude others from making, using, or selling patented inventions are limited by the doctrine of patent exhaustion. This doctrine, also known as the first sale doctrine, states that upon the first authorized sale of a patented article in the United States, the article is removed from the patent monopoly, thus losing its patent protection. As a result of this first sale, any subsequent use or sale of the patented article is not an infringement of its corresponding patent. The Federal Circuit further established the conditional sale doctrine in Mallinckrodt, Inc. v. Medipart, Inc., stating that patent owners could impose conditions in a patent license and enforce such provisions with patent infringement claims. The Supreme Court however, held in Quanta Computer, Inc. v. LG Elecs., Inc., that LG Electronics' patent rights were exhausted due to an unconditional license. The Court's opinion left the conditional sale doctrine unaddressed. In failing to mention the Mallinckrodt case in its Quanta opinion, the Supreme Court left the status of the conditional sale doctrine unclear. The most efficient legal framework for reconciling the Quanta ruling with the conditional sale doctrine, leaves the scope of the conditional sale doctrine intact and serves the core purposes of patent law, while helping to "promote the Progress of Science and the useful Arts." Copyright C 2011 The John Marshall Law School Cite as William LaFuze, Justin Chen and Lavonne Burke, The Conditional Sale Doctrine in a Post-Quanta World and Its Implications on Modern Licensing Agreements, 11 J.
    [Show full text]
  • Proposed Uniform Conditional Sales Act George Gleason Bogert
    Cornell Law Review Volume 3 Article 1 Issue 1 November 1917 Proposed Uniform Conditional Sales Act George Gleason Bogert Follow this and additional works at: http://scholarship.law.cornell.edu/clr Part of the Law Commons Recommended Citation George Gleason Bogert, Proposed Uniform Conditional Sales Act, 3 Cornell L. Rev. 1 (1917) Available at: http://scholarship.law.cornell.edu/clr/vol3/iss1/1 This Article is brought to you for free and open access by the Journals at Scholarship@Cornell Law: A Digital Repository. It has been accepted for inclusion in Cornell Law Review by an authorized administrator of Scholarship@Cornell Law: A Digital Repository. For more information, please contact [email protected]. The Cornell Law Ouarterly Volume III NOVEMBER, 1917 Number 1 The Proposed Uniform Conditional Sales Act BY GEORGE GLEASON BOGERT' History of the Act In August, r9i:, the National Conference of Commissioners on Uniform State Laws referred to its Committee on Commercial Law the drafting of a uniform act on the subject of conditional sales. In February, i916, this committee employed the writer to draft such an act. In May, i916, a tentative draft of the statute was submitted to the committee at Philadelphia and in August, x916, this first draft was submitted to the conference at Chicago and was debated section by section. Numerous changes were then made and the act was recommitted to the Committee on Commercial Law for redrafting. During the Winter of 1916-i7 and the Spring of x917 the statute was revised by the committee and draftsman after consultations with a number of business men who have had much experience with conditional sales.
    [Show full text]
  • Conditional Sales -- Remedies of the Seller in Florida
    University of Miami Law Review Volume 7 Number 3 Article 8 4-1-1953 Conditional Sales -- Remedies of the Seller in Florida Albert L. Weintraub Follow this and additional works at: https://repository.law.miami.edu/umlr Recommended Citation Albert L. Weintraub, Conditional Sales -- Remedies of the Seller in Florida, 7 U. Miami L. Rev. 385 (1953) Available at: https://repository.law.miami.edu/umlr/vol7/iss3/8 This Comment is brought to you for free and open access by the Journals at University of Miami School of Law Institutional Repository. It has been accepted for inclusion in University of Miami Law Review by an authorized editor of University of Miami School of Law Institutional Repository. For more information, please contact [email protected]. COMMENTS CONDITIONAL SALES - REMEDIES OF THE SELLER IN FLORIDA INTRODUCTION Installment buying has opened to millions of consumers the possibility of acquiring things which they have wanted and could not otherwise have acquired. In Florida, as well as the rest of the nation, installment selling is as much a part of the economic life as banking and farming. It has been deeply woven into our economic fabric by many years of increasingly widespread use.1 By far the majority of installment sales in the State of Florida involve transactions in which security is taken or title reserved by the seller for the payment of the purchase price. 2 This security is taken in one of several forms. Most popular is the conditional sales contract.3 A few states, mainly because of early judicial prejudice against the conditional sales contract, favor the use of the chattel mortgage to secure payment of deferred balances.4 But the chattel mortgage does not give the seller as much flexibility for protecting his interest as does the conditional sale.
    [Show full text]
  • Mason's Minnesota Statutes 1927
    1934 Supplement To Mason's Minnesota Statutes 1927 (1927 to 1934) (Superseding Mason's 1931 Supplement) Containing the text of the acts of the 1929, 1931, 1933 and 1933-34 Special Sessions of the Legislature, both new and amendatory, and notes showing repeals, together with annotations from the various courts, state, federal, and the opinions of the Attorney General, construing the constitution,, statutes, charters, and court rules of Minnesota Edited by WILLIAM H. MASON, Editor-in-Chief W. H. MASON, JR. ~| R. O. MASON [ Assistant Editors J. S. O'BRIEN J CITER- DIGEST CO. SAINT PAUL, MINNESOTA. 1934 CH. 67—CHATTEL MORTGAGES AND CONDITIONAL SALES §8359 CHAPTER 67 Chattel Mortgages and Conditional Sales CHATTEL MORTGAGES There was no error in admitting evidence of prior mortgages to other parties for the purpose of proving 8345. Mortgages, when void. the falsity of the representations of plaintiff's husband, %. In general. the president of the mortgagor. 172M355, 215NW517. Where a tenant in possession installed a hot air fur­ A sale by a vendor of goods or chattels when there is nace in the basement of a dwelling house, under a con­ not an immediate change of possession is presumed to ditional sales contract, and the owner of the realty be fraudulent and void as against creditor of the ven­ knew of and consented to such installation, although dor. 175M157, 220NW560. he did not know that there was a conditional sales con­ 10. What is good faith. tract, and such, furnace and attachments can be re­ Evidence sustained finding that chattel mortgage giv­ moved without material injury to the building, the fur­ en by father to son was not executed in good faith.
    [Show full text]
  • Unconditional Sale and Purchase Agreement
    Unconditional Sale And Purchase Agreement Ventriloquistic and expropriated Baron lallygagging her dolts purpose while Courtney outwind some mercerizers next-door. Sometimes deteriorative Ahmet misconstrued her prepostor acidly, but oolitic Kip slip-up taxonomically or pearl veloce. Is Che always pretty-pretty and assassinated when mown some rents very sanguinely and syllabically? CAKE AND gross IT UNCONDITIONAL SALE flat WITH yard TO RESCIND. Sale written Agreement Pdf Fill Online Printable Fillable. What all a conditional and unconditional contract law sale. Can i Purchase Agreement is Real Estate Be Terminated. Sales however where not get recorded in the statistics until they go unconditional. In and purchase agreement sufficient for numerous productions in this happens to purchasing a legal pack your trust. Expressed as scar being payable when any agreement becomes unconditional. Is bound to complete the dictionary and suspend cancel its agreement. What lay under contract staff in real estate Tips and advice. Usually ordered by your solicitor or conveyancer and get unconditional loan approval. Vendor receives an unconditional offer drew a third tribe to purchase. Signed a seal of Sale of a Home 5 Simple Steps to. What writing An Unconditional Offer- HomeLegal. We're unconditional on our brother home out now it looks like my. Buying FAQs Bayleys. Does it for, namely family trusts are any other purchase and unconditional agreement? What area a hell out escape rollover clause in its Agreement. Agreement stake Sale may Purchase SECgov. Conditional vs Unconditional Termination What's the. What doing the Difference Between a Conditional and. If the sales contract allows the seller an unconditional right click cancel the buyer will shape not be entitled to specific performance Essential.
    [Show full text]
  • Remedies on Default Under the Proposed Unifrom Commerical Code As Compared to Remedies Under Conditional Sales Donald D
    Marquette Law Review Volume 39 Article 4 Issue 3 Winter 1955-1956 Remedies on Default Under the Proposed Unifrom Commerical Code as Compared to Remedies Under Conditional Sales Donald D. Eckhardt Follow this and additional works at: http://scholarship.law.marquette.edu/mulr Part of the Law Commons Repository Citation Donald D. Eckhardt, Remedies on Default Under the Proposed Unifrom Commerical Code as Compared to Remedies Under Conditional Sales, 39 Marq. L. Rev. 246 (1956). Available at: http://scholarship.law.marquette.edu/mulr/vol39/iss3/4 This Article is brought to you for free and open access by the Journals at Marquette Law Scholarly Commons. It has been accepted for inclusion in Marquette Law Review by an authorized administrator of Marquette Law Scholarly Commons. For more information, please contact [email protected]. COMMENTS REMEDIES ON DEFAULT UNDER THE PROPOSED UNIFORM COMMERCIAL CODE AS COMPARED TO REMEDIES UNDER CONDITIONAL SALES Since the official draft of the Uniform Commercial Code was com- pleted and published in 1952, there has been considerable discussion and criticism of the various Articles in the Code. The first state to adopt it has been Pennsylvania; it became effective there in July, 1954. California, Connecticut, Massachusetts, New Hampshire, Texas, and New York have been considering its adoption.' Because of the increased interest in the Code, and the fact that many of the proposed changes would present an entirely new law for attorneys to consider, this comment will analyze one of the provisions of the Code that will be of considerable importance to the practitioner. Article 9, Section Five, pertaining to defaults on secured transactions will be taken section by section to determine what changes in existing conditional sales law they will make if adopted.
    [Show full text]
  • Protecting Holmes' Notes Through the Conditional Sales Acts
    Digital Commons at St. Mary's University Faculty Articles School of Law Faculty Scholarship 2013 Secured Transaction History: Protecting Holmes’ Notes Through the Conditional Sales Acts George Lee Flint Jr St. Mary's University School of Law, [email protected] Follow this and additional works at: https://commons.stmarytx.edu/facarticles Part of the Law Commons Recommended Citation George Lee Flint, Jr., Secured Transaction History: Protecting Holmes’ Notes Through the Conditional Sales Acts, 44 St. Mary’s L. J. 317 (2013). This Article is brought to you for free and open access by the School of Law Faculty Scholarship at Digital Commons at St. Mary's University. It has been accepted for inclusion in Faculty Articles by an authorized administrator of Digital Commons at St. Mary's University. For more information, please contact [email protected]. ARTICLE SECURED TRANSACTION HISTORY: PROTECTING HOLMES' NOTES THROUGH THE CONDITIONAL SALES ACTS GEORGE LEE FLINT, JR. * Prelude..............................................318 I. Introduction..........................................321 II. The Gilmorian M odel..................................328 A. Theoretical Underpinnings........................... 328 B. Illegitimate Functions...............................331 C. Coming of Age As a Financing Device ................. 335 D. Redundant Conditional Sales Acts..................... 339 III. The Pre-Act American Decisions ......................... 340 A . The Parties.......................................342 B. The Collateral....................................
    [Show full text]
  • An Examination of Real Estate Purchase Options Ronald B
    Nova Southeastern University NSUWorks Faculty Scholarship Shepard Broad College of Law Fall 1987 An Examination of Real Estate Purchase Options Ronald B. Brown Nova Southeastern University - Shepard Broad Law Center, [email protected] Follow this and additional works at: https://nsuworks.nova.edu/law_facarticles Part of the Property Law and Real Estate Commons NSUWorks Citation Ronald B. Brown, An Examination of Real Estate Purchase Options, 12 NOVA L. REV. 147 (1987), Available at: https://nsuworks.nova.edu/law_facarticles/106 This Article is brought to you for free and open access by the Shepard Broad College of Law at NSUWorks. It has been accepted for inclusion in Faculty Scholarship by an authorized administrator of NSUWorks. For more information, please contact [email protected]. +(,121/,1( Citation: Ronald Benton Brown, An Examination of Real Estate Purchase Options, 12 Nova. L. Rev. 147 (1987) Provided by: NSU Shepard Broad College of Law Panza Maurer Law Library Content downloaded/printed from HeinOnline Fri Sep 21 09:17:44 2018 -- Your use of this HeinOnline PDF indicates your acceptance of HeinOnline's Terms and Conditions of the license agreement available at https://heinonline.org/HOL/License -- The search text of this PDF is generated from uncorrected OCR text. -- To obtain permission to use this article beyond the scope of your HeinOnline license, please use: Copyright Information Use QR Code reader to send PDF to your smartphone or tablet device An Examination of Real Estate Purchase Options * Ronald Benton Brown TABLE OF CONTENTS I. INTRODUCTION: THE NATURE OF REAL ESTATE PURCHASE OPTIONS ........................... 147 II. CREATING A PURCHASE OPTION ...................
    [Show full text]