First National Bank v. Cook Carriage Co.

Citations

• 70 Miss. 587

Syllabus

<p>1. Sale. Reservation of title. Agreement to give note.</p> <p>Under an agreement by which the purchaser of personal property is to settle promptly, on receipt of bill of lading, by note or draft payable in four-months, or in cash within ten days, at an agreed discount, there is no reservation of title in the seller, and, although the terms be not complied with, the title passes by delivery, and the seller cannot maintain replevin for the property as against one who has bought from the purchaser.</p> <p>2. Same. Fraud of buyer. Title. Bona fide purchaser.</p> <p>Although the purchaser improperly, or evén fraudulently, obtained such property, not intending to pay for it, or to execute his note as agreed, one who buys the property from him in the usual course of trade, without notice, and before any steps are taken by the original owner to reclaim it, acquires a perfect title.</p>