Page:United States Statutes at Large Volume 47 Part 1.djvu/1245

 72d C ONGRESS. SESS. IL CH. 128 . FEBRUARY 27, 1933 . "Person" includes a corporation or partnership or two or more persons having a joint or common interest. "Plaintiff" includes defendant asserting a right of set-off or counterclaim. "Property" means the general property in goods, and not merely a special property. "Purchases" includes taking as a mortgagee or as a pledgee. G„ Purchaser" includes mortgagee and pledgee . "Quality of goods" includes their state or condition . " Sale" includes a bargain and sale as well as a sale and delivery . "Seller" means a person who sells or agrees to sell goods, or any legal successor in the interest of such person . "Specific goods" means goods identified and agreed upon at the time a contract to sell or a sale is made . 2.A thing is done "in good faith" within the meaning of this chapter when it is in fact done honestly, whether it be done negligently or not. 3 . A person is insolvent within the meaning of this chapter who either has ceas ed to pay his deb ts in th e ordina ry cours e of bus iness or can not pay his debts as they become due, whether he has com- mitted an act of bankruptcy or not, and whether he is insolvent within the meaning of the federal bankruptcy law or not . 4 . Goods are in a "deliverable state" within the meaning of this chapter when they are in such a state that the buyer would, under the contract, be bound to take delivery of them . SEC. 672. CHAPTER DOES NOT APPLY TO EXISTING SALES OR CONTRACTS TO SELL.-None of the provisions of this chapter shall apply to any sale, or to any contract to se ll, made prior to the taking effect of this chapter . SEC. 673. NO REPEAL OR WAREHOUSE LAWS .-Nothing in this chapter shall be construed to repeal or limit any of the provisions of sections 731 to 784. CHAPTER 35 .-CONDITIONAL SAL ES NOTE .-This chapter was derived from the uniform c ontIitional sales ac t. SEC. 674 . DEFINITIONS.-In this chapter "conditional sale " means (1) any con tract fo r the sa le of go ods under which p ossessio n is de- livered 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 hap- pening of any contingency ; or (2) any contract for the bailment or easing 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 per son who buys or hires th e goods covered by the conditional sale, or any legal successor in interest of such person. "Goods" means all chattels personal other than things in action and money, and inclu des e mblem ents, indus trial growi ng cr ops, 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 w hich the propert y in the goods i s to vest in the buyer, w hether such event is the performance of an act by the buyer or the happen- ing of a contin gency. 1221 Provisions not re troactive. No repeal of ware house laws Post, p. ins. CONDITIONAL SALES. Definitions.