execution, accompanied by an affidavit of execution, and of good faith. They must be renewed annually.

Quebec.-Chattel mortgages are not allowable in this province except in the case of a vessel in the course of construction; effects may, however, be pledged, by being placed in the hands of the creditor.

CONDITIONAL SALES AND INSTALMENT LEASES

When personal property is sold, or contracted to be sold, and the possession thereof is delivered to the vendee on the condition that the title is to remain in the vendor until the purchase price is paid, or some other condition is fulfilled, the general rule, except where the case is controlled by statutes providing otherwise, is that the transaction, in the absence of actual fraud, is valid as to all parties; as in Arkansas, California, Delaware, Florida, Indiana, Michigan, New Mexico, Oregon, Rhode Island, Tennessee, and Utah. In the larger number of the states and territories of the United States, however, in order that the transaction may be valid as to creditors, subsequent mortgagees or purchasers from the vendee or lessee in such a contract having possession of the chattels, certain formalities must be complied with, as that the contract must be in writing, acknowledged and recorded. In Arizona, Colorado, Georgia, Illinois, Iowa, Kansas, Kentucky, Maine, Missouri, North Carolina, Ohio, South Carolina, Texas, and Wisconsin, such a contract must be executed and recorded in the same manner as chattel mortgages. The provisions as to conditional sales and instalment leases, in some jurisdictions, are stated in detail below:

Alabama.—If personal property be sold under contract whereby the vendor retains title until the purchase price is paid, the contract must be in writing, and recorded in the county where the purchaser resides, and also where the property is located; otherwise, it is void against subsequent purchasers for a valuable consideration and judgment creditors. This provision does not apply to Mobile, Etowah, Marion, and Calhoun counties.

Connecticut.-All contracts for the sale of personal property, except household furniture, musical instruments, bicycles, and such property as is by law exempt from attachment and execution, conditioned that the title thereto shall remain in the vendor, must be in writing, describing the property and all conditions of said sale, acknowledged before some competent authority, and recorded within a reasonable time in the town clerk's office in the town where the vendee resides; otherwise, they will be held to be absolute sales, except as between the vendor and the vendee, or their personal representatives, and will be liable to be taken by attachment for the debts of the vendee.

Delaware.-Instalment leases are generally little else than conditional sales of personal property, and there is no statute law in this state concerning such sales. Conditional sales of personal property are valid in this state; and when delivery of property is made upon agreement that no title shall pass until payment is made or some other thing is done or occurs, no title passes to the party to whom the property is delivered until such payment is made or some other thing is done or occurs; and he can pass none to his vendee, no matter how ignorant of the secret contract such vendee may be.

District of Columbia.-Conditional sales and other instruments, through which title or lien is retained or created in personal property, where the property has not been delivered, shall not be valid as against innocent purchasers for value without notice until recorded. Georgia.—Personal property may be sold with a condition that the title remain in the vendor until the purchase price shall be paid in full, but in all such cases, in order for the transaction to be good as against third parties, it must be evidenced in writing, which must be executed and recorded in the same manner as is required in reference to mortgages on personal property. The reservation of title is good, as between the parties, whether reduced to writing and recorded or not, and the vendor is liable criminally for selling the property without the consent of the vendor, or for encumbering the same, and is subject to a fine in double the value of the property, one-half of which goes to the vendor in satisfaction of his debt.

Illinois. Where personal property is sold and possession is given to the vendee, all conditions and secret liens are treated as fraudulent per se. The only manner in which a lien can be secured is by chattel mortgage executed in accordance with the provisions of the chattel mortgage laws. Conditional sales and agreements are good as between the parties, but, where delivery accompanies the sale, are void as to all creditors and bona-fide purchasers. The only exception is in the case of rolling stock of railroads, in which case the agreement must be acknowledged and recorded in every county through which the railroad, availing itself of the privilege, runs. Contracts in the form of leases of personal property for a stipulated rent, providing that when the lessee shall have paid a specified sum the property leased shall become his property, are held to be conditional sales with the right of rescission on the part of the vendor in case the purchaser fail in the payment of his instalments. Such contracts, though valid between the parties, are made with the risk on the part of the vendor of losing his lien in case the property should be levied upon by creditors of the purchaser while in the possession of the latter.

Indiana.-A contract whereby personal property is sold upon condition that the title shall not pass until the purchase money is paid

is valid, even as against a third person who has purchased the property in good faith without notice. But a manufacturer or wholesaler cannot lawfully retain title to goods sold by him to a retailer for the purpose of resale to the general public. Such a condition is fraudulent and void as against subsequent bona-fide purchasers and creditors.

Iowa.-No sale, contract, or lease wherein the transfer of title or ownership of personal property is made to depend upon any condition, shall be valid against any creditor or purchaser of the vendee, or lessee in actual possession, obtained in pursuance thereof, without notice, unless the same be in writing, executed by the vendor or lessor, acknowledged and recorded the same as chattel mortgages. But encumbrances on the property sold, given to secure the purchase price, need only be signed and acknowledged by the purchaser.

Kansas.-All instruments in writing or promissory notes evidencing the conditional sale of property, must be filed in the office of the register of deeds to be valid as against innocent purchasers, and when so filed are subject to the law applicable to chattel mortgages.

Kentucky.-Conditional sales made in good faith are recognized and enforced. Common-law rules govern; there is no statute prescribing governing rules. If they be in fact mortgages to secure previous indebtedness, they are so treated.

Maine.-The bill of sale, or note, must be recorded in all cases where personal property is delivered and the title reserved in the vendor until payment.

Maryland.-Any purchaser of personal property, under an unrecorded conditional written contract, who, without the consent in writing of his vendor or assignees, shall remove any of said property beyond the city or county where located at the time of said contract, with intent to defraud the vendor, or who, with such intent, removes, secretes, hypothecates, destroys, or sells same, is liable, on indictment and conviction, to imprisonment for not more than 6 months, or a fine of not more than $500, or both, in the discretion of the court.

Massachusetts.-When a sale of personal property is made on condition that the title to the property sold shall not pass until the price is paid in full, and the vendor takes from the vendee possession of the property for failure to comply with such condition, the vendee shall have the right, at any time within 15 days after such taking, to redeem the property so taken by paying to the vendor the full amount of the price then unpaid, together with interest and all lawful charges and expenses due to the vendor. A contract for the sale of furniture or other household effects made on condition that the title shall not pass until the price is paid in full, whether under the form of lease or otherwise, shall be in writing and a copy furnished the vendee by the

vendor at the time of sale. All payments and charges, whether in the nature of interest or otherwise, as they accrue, shall be indorsed by the vendor or his agent upon such copy if the vendee request. If the vendee fail to comply with any provision thereof through negligence, his rights under the contract shall be suspended while such default continues. If he refuse or wilfully fail to comply, he shall be deemed to have waived the condition of sale, and when the vendor takes possession for non-compliance with the terms of the contract, he must furnish the vendee or other person in charge of the property an itemized statement of account showing the amount due, and make demand for the balance then due at least 30 days before taking possession, and the 15 days above stated shall not begin to run until such statement is furnished and demand made and the 30 days have expired, provided the vendee can be found with reasonable care and diligence. When 75 per cent. or more of the contract price has been paid, after the expiration of the said 15 days, the goods shall be sold by the vendor at public auction, when the vendee requests in writing, with due advertisement thereof, and the balance of the price for which they have been sold, after deducting the amount due the vendor and expenses of sale, shall be paid to the vendee.

Michigan.-The contract for the conditional sale of a chattel delivered to the vendee does not have to be filed or recorded; and a bona-fide purchaser from the vendee gets no title as against the absolute owner unless the condition has been waived. Nor do instalment leases have to be recorded. The fraudulent removal, concealment, disposal, or embezzlement of property covered by such latter contract is a felony.

Minnesota.-Every note or other evidence of indebtedness or contact, the conditions of which are that the title or ownership to the property for which said note or other evidence of indebtedness or contract is given remains in the vendor, is absolutely void as against creditors of the vendee and subsequent purchasers and mortgagees in good faith, unless the note or other evidence of indebtedness or contract, or if the contract be oral, then a memorandum thereof, be filed in the office of the clerk of the town, village, or city where the vendee resides at the time of making thereof. The filing of such note, evidence of indebtedness, or contract so filed ceases to be notice to creditors or subsequent purchasers or mortgagees 1 year after the date on which such note, evidence of indebtedness, or contract becomes due.

Mississippi.-Conditional sales of goods or chattels are void as to creditors or purchasers of one remaining in possession for 3 years, unless in writing, acknowledged, and recorded.

Missouri.-Where personal property is sold, to be paid for in whole or in part in instalments, or is hired or delivered on condition that the