Merchants & Planters Bank v. J. H. Thomas & Sons

Citations

• 69 Tex. 237
• 6 S.W. 565
• 1887 Tex. LEXIS 810

Syllabus

<p>1. Right of Property — Sale of Chattels. — When the owner of personal property transfers its possession to one who executes his notes to pay for it an agreed price, at a stipulated time, under a cotemporaneous contract by the terms of which the title is to remain with the vendor until the price is paid, with the right to reclaim possession if the price is not paid at the time agreed on, the original owner in default of payment may elect either to enforce payment of the notes, or. to reclaim possession. The assertion of either right is the abandonment of the other. To resume possession, cancels the right to enforce payment of the obligation to pay, and an effort to enforce payment, is equivalent to an adra ssion of title in the purchaser.</p> <p>2. Same. — The effect of the transfer of such written promise to pay, is to assign to the endorsers of the obligation the right to enforce collection, and to deprive the original vendor of the right to reclaim possession in default of payment. This right thus lost, can not be restored without the consent of the endorser, by an agreement between the original parties to the transaction.</p>