§ 47-24. Conditional sales or leases of railroad property. - North Carolina Statutes

§47‑24.  Conditional sales or leases of railroad property.

When any railroad equipmentand rolling stock is sold, leased or loaned on the condition that the title tothe same, notwithstanding the possession and use of the same by the vendee,lessee, or bailee, shall remain in the vendor, lessor or bailor until the termsof the contract, as to the payment of the installments, amounts or rentalspayable, or the performance of other obligations thereunder, shall have beenfully complied with, such contract shall be invalid as to any subsequentjudgment creditor, or any subsequent purchaser for a valuable considerationwithout notice, unless –

(1)        The same isevidenced by writing duly acknowledged before some person authorized to takeacknowledgments of deeds.

(2)        Such writing isregistered as mortgages are registered, in the office of the register of deedsin at least one county in which such vendee, lessee or bailee does business.

(3)        Each locomotive orcar so sold, leased or loaned has the name of the vendor, lessor, or bailor, orthe assignee of such vendor, lessor or bailor plainly marked upon both sidesthereof, followed by the word owner, lessor, bailor or assignee as the case maybe.

This section shall not applyto or invalidate any contract made before the twelfth day of March, 1883. (1883,c. 416; Code, s. 2006; Rev., s. 984; 1907, c. 150, s. 1; C.S., s. 3313.)