Beebe v. Fouse

Citations

• 27 N.M. 194
• 199 P. 364

Syllabus

<p>SYLLABUS BY THE COURT.</p> <p>1. A novation does not take place where the seller under a conditional sale contract consents .that the purchaser may transfer the goods covered by the- conditional sale contract to a third party, and that such seller will accept payments made on the contract from such transferee, where, under the terms of such subsequent agreement, the original purchaser is not released from liability, and ’the transferee does not become personally obligated for the payment of the balance of the purchase price. P. 196</p> <p>2. The statute (chapter 74, Laws 1917), which requires conditional sale contracts to be recorded, does not provide for the recordation of an assignment of such a contract. P. 197</p> <p>3. A conditional sale contract is not invalidated when not recorded as against a landlord’s lien under the statute referred to, which invalidates such a contract when not recorded as to subsequent mortgages in good faith, purchasers for value without notice, and subsequent judgment or attaching creditors without notice and as against subsequent “general creditors” without notice, as a landlord’s lien claimant is neither a mortgagee, judgment or attaching creditor, or “general creditor.” P. 198</p> <p>4. Under a conditional sale contract which gives the seller a right to enter upon the premises and retake possession of the property upon default, the statute of limitations does not begin to run against .the right to replevin such property upon default until the seller elects to exercise the right to retake such property. P. 199</p> <p>5. ■ Under section 4146, Code 1915, which ‘provides that when an instrument in writing is the' foundation of the action a copy must be attached to the complaint, no contract or other instrument need or should be filed or annexed which is not the foundation of the action or defense. P. 201</p>