Statute 705 040

In any contract for the leasing or hiring of railroad or street railway equipment or rolling stock, it shall be lawful to stipulate for a conditional sale thereof at the termination of such contract, and that the rentals or amounts to be received under such contract may, as paid, be applied and treated as purchase money, and that the title to the property shall not vest in the lessee or bailee until the purchase price shall have been paid in full and until the terms of the contract shall have been fully performed, notwithstanding delivery to and possession by the lessee or bailee. [Part 1:278:1913; 1919 RL p. 2982; NCL § 6300]