The sale of goods according to a contract containing conditions, typically that ownership does not pass to the buyer until after a set time, usually after payment of the last installment of the purchase price, although the buyer has possession and is committed to acquiring ownership.
- This section applies where a motor vehicle has been… agreed to be sold under a conditional sale agreement… and, at a time before the property in the vehicle has become vested in the debtor, he disposes of the vehicle to another person.
- We will offer options such as fair market value leases, conditional sales contracts, municipal leases and different combinations.
- More problematic is the question whether retention of title arrangements, such as hire-purchase agreements, conditional sales, and long-term leases, are security.
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