Section 222.16 Lease; Conditional Sale
222.16 LEASE; CONDITIONAL SALE.
In any contract for the leasing of railroad equipment or rolling stock, the parties may stipulate for a conditional sale thereof at the termination of such lease, that the rentals, as paid or when paid in full, may be treated and applied as purchase money, and that the title to such property shall not vest in the lessee or vendee until the purchase money shall have been fully paid, subject to the proviso in section 222.15.
History:
(7515) RL s 2904