Majority
Headnote
Vendor and vendee—sede in expectation of immediate payment— conditional —how condition waived—Inconsistent remedies — election of one—effect of.Assuming that the referee was correct in finding that the property for which this action was brought was originally sold by the defendants to Abijah W. Wright upon the agreement that he should pay upon delivery $100 toward the purchase-money, and the balance in twenty-five dollars monthly payments thereafter, and that the title to said property should not pass to the said vendee, but should remain in the defendants until the whole purchase-price was paid, the referee I think erred in holding that the title •remained in the defendants at the time of the commencement of this action. The property having been delivered to the vendee, the defendants’ rights in respect to it were like those of a vendor who sells property without any terms of credit, and delivers the same upon the expectation of immediate payment. The delivery in such case would be conditional, and the condition might be waived, and would be deemed waived after a considerable lapse of time without any steps taken to assert his rights to repossess the goods. (Hennequin v. Sands, 25 Wend., 640 .) In this case the delivery was made on the 30th November, 1871, when the vendee paid $100 toward the purchase. The vendee, being in possession of the goods, mortgaged the same to the plaintiff, on the fourth of December afterward, who took said mortgage for value and in good faith. The vendee failed to make any further payments, and the defend
The effect of such election, in respect to the plaintiff, was the same as if the right to make it and reclaim the said goods, had never existed. It operated, by relation, to give validity and effect to the plaintiff’s mortgage as of its date.
The judgment must therefore be reversed and • a new trial granted, with costs to abide the event.
Present — Mullin, P. J., Smith and Morgan, JJ.
Judgment reversed and new trial granted, costs to abide event.