176 Ga. 565 | Ga. | 1933
“When personal property is sold and delivered with the condition affixed to the sale that the title is to remain in the vendor until the payment of the purchase-price, such' reservation of title is invalid as to third parties, unless the contract embracing the same is reduced to writing, duly attested, and recorded as prescribed by law.” Penland v. Cathey, 110 Ga. 431 (35 S. E. 659); Farmers Bank of Doerun v. Avery, 145 Ga. 449 (89 S. E. 409); Civil Code (1910), §§ 3318, 3319. Where property sold under such a contract is delivered to the vendee without complying with all the above-mentioned requirements, the title will as matter of law be held to have passed unconditionally to the vendee as against third parties acquiring a valid judgment against the vendee (Farmers Bank of Doerun v. Avery, supra), or a purchaser from the vendee. Rowe v. Spencer, 132 Ga. 426 (64 S. E. 468). Such an instrument is not a mortgage. Wynn v. Tyner, 139 Ga. 765 (78 S. E. 185). Contracts of the character above mentioned, in order to be binding as against third parties, “must be recorded within thirty days from their date, and in other respects shall be governed by the laws relating to the registration of mortgages.” Civil Code, § 3319.
If, as here ruled, after-acquired notice by the third party within the time required by law (thirty days) for record of the original contract of sale would not dispense with record as requisite to make the notice relate so as to affect constructively the third party at the time of his parchase, by analogy the institution of trover by the original vendor in the instant case, in virtue of his reservation of title contract executed in another State having reference to personal property in that State, would not dispense with record in this State