Payne v. Parker

Citations

• 95 Miss. 375
• 48 So. 835

Syllabus

<p>1. Sales. Conditional. Reservation of title. Seller’s rights. Prerequisites to.</p> <p>In order for a seller of personal property to enforce title thereto' reserved hy him to secure its purchase price:</p> <p>(a) He must have been in fact the owner of the property at the time of the sale; and</p> <p>(5) He must have made a real, not a mere formal, sale to a real, not a mere formal, purchaser; and</p> <p>(c) The actual possession of the property must in fact have passed by the sale.</p> <p>2. Same. Yerbal mortgage. Case.</p> <p>Where a debtor intending to secure his debt, verbally sold his personal property to his creditor and, as a part of the same transaction, the creditor verbally resold the property to the debtor, reserving the title until the indebtedness should be paid, there being no other than a mere constructive delivery in each instance, the transaction amounted only to a verbal mortgage.</p>