PART VI. SALES AND MORTGAGES
§1241. Conditional sale of railroad or street railroad equipment or rolling stock
In any contract for the sale of railroad or street railway equipment or rolling stock, the parties may agree that title to the property sold or contracted to be sold, shall not vest in the purchaser until the price is paid although possession may be delivered immediately or subsequently, or that the seller shall have against any person a privilege for the unpaid purchase money. And in any contract for the leasing or hiring of such property, the parties may stipulate for a conditional sale after termination of such contract. They may also agree that the rentals or amount to be received under the contract may be applied and treated as purchase money, and that title to the property shall not vest in the lessee or bailee until the purchase price is paid in full, and until the terms of the contract are performed, notwithstanding delivery to and possession by the vendee, lessee or bailee.
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