Contracts for lease of rolling stock and other equipment; agreements as to conditional sale upon termination of lease

The manufacturer, owner, or assigns of any railroad equipment or rolling stock may make a written contract for the lease of such equipment or rolling stock to any company owning or operating a railroad in this state. In such contract, it shall be lawful to agree to a conditional sale of the property to the lessee on the termination of the lease and to stipulate that the rental received for said property may, as paid or when fully paid, be applied to and treated as purchase money. Any such agreement for a conditional sale may contain such terms as to the time of passage of title as are authorized by Code Section 46-8-270. (Ga. L. 1889, p. 188, § 2; Civil Code 1895, § 2327; Civil Code 1910, § 2791; Code 1933, § 94-402.) Page: 725 Job Path: @mfgmic/west/stcodes/ga/repl/qj04040.63 Date: 06/30/04 Time: 21:0:25 0000 42051-21 (QS) GA 04 RV34 -- 3rd RUN RAILROAD COMPANIES