(Download) "Air Equipment Corp. v. Rubbercraft Corp." by Second Circuit Circuit Court Of Appeals * eBook PDF Kindle ePub Free
eBook details
- Title: Air Equipment Corp. v. Rubbercraft Corp.
- Author : Second Circuit Circuit Court Of Appeals
- Release Date : January 04, 1935
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 61 KB
Description
This is an appeal from a decree dismissing the petition of a conditional seller, filed in a sequestration suit to reclaim the goods sold from the receiver. The sellers right is based upon an agreement between itself and the buyer, the insolvent company, for the "lease" of a sewing machine upon payment of $757.50; the record does not describe the machine further, and we do not know what was its prospective life. The seller professed to "let" the machine for $750 (with interest of $7.50); the buyer agreed to pay "as rent and compensation" for its use $257.50 on delivery and $100 a month for the five following months. If the "lessee" defaulted in any of its payments or pledged or removed the property, or became bankrupt or insolvent, and in various other contingencies, it was to return the property to the "lessor," which was authorized to enter the premises and retake it. The "lessee" was to keep it insured and might at any time "during the rental term * * * purchase the said property by paying to the company the above valuation therefor, in which event the rents theretofore paid, shall be deducted from the purchase price." The agreement was not to "constitute a sale of the property hereinabove described and no agreement of sale shall be implied herefrom."
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