Page:United States Statutes at Large Volume 76A.djvu/243

–147– -147(b) 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. (c) A person is insolvent within the meaning of this chapter who either has ceased to pay his debts in the ordinary course of business or cannot pay his debts as they become due, whether he has committed an act of bankruptcy or not, and whether he is insolvent within the meaning of the federal bankruptcy law or not. (d) Goods are m 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. § 1537. Chapter not to affect warehouse laws This chapter does not repeal or limit sections 1771-1844 of this title. § 1538. Short title This chapter may be cited as the Uniform Sales Act. CHAPTER 47—CONDITIONAL SALES See. 1571. 1572. 1573. 1574. 1575. 1576. 1577. 1578. 1579. 1580. 1581. 1582. 1583. 1584. 1585. 1586. 1587. 1588. 1589. 1590. 1591. 1592. 1593. 1594. 1595. 1596. 1597.

Definitions. Primary rights of buyer. Primary riglits of seller. Conditional sales valid except as otherwise provided. Conditional sales void as to certain persons. Place of filing. Conditional sale of goods for resale. Filing. Refiling. Cancellation of contract. Prohibition of removal or sale without notice, Fraudulent injury, concealment, removal, or sale. Betaking possession. Notice of Intention to retake. Redemption. Compulsory resale by seller. Resale at option of parties. Proceeds of resale. Deficiency on resale. Rights of parties where there is no resale. Election of remedies. Recovery of part payments. Waiver of statutory protection. Loss and increase. Rules for cases not provided for. Uniformity of interpretation. Short title.

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§ 1571. Definitions I n this chapter: "conditional sale" means: (1) A 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) A 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; "goods" means all chattels personal other than things in action and money, and includes emblements, industrial growing crops, and thiags

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