In any written contract for the leasing or renting of railroad equipment or rolling stock, it is lawful to stipulate for a conditional sale thereof at the termination of such lease and to stipulate that the rentals received, as paid or when paid in full, may be applied and treated as purchase money and that the title to such property shall not vest in such lessee or vendee until the purchase money has been paid in full, notwithstanding delivery to and possession by such lessee or vendee.
Source: L. 1885: p. 303, § 2. R.S. 08: § 5524. C.L. § 2907. CSA: C. 139, § 93. CRS 53: § 116-1-11. C.R.S. 1963: § 116-1-11.
ANNOTATION
This section regulates the leasing of railroad equipment, and also provides for conditional sale thereof and prevents title thereto from passing to lessee or vendee until the purchase money shall have been paid in full. Booth v. Central Sav. Bank, 58 Colo. 519, 146 P. 240 (1915).
Applied in Central Locomotive & Car Works v. Smith, 27 Colo. App. 449, 150 P. 241 (1915).