CHAPTER 435

An Act to amend and reenact § 55-88 of the Code of Virginia, to provide
that, for purpose of recordation and notice, certain leases of goods
and chattels shall be recorded as leases regardless of the conditions
found in the documents and regardless of the true intent and effect of
the documents.

(H 511]

Approved March 29, 1958

Be it enacted by the General Assembly of Virginia:

1. 1 That § 55-88 of the Code of Virginia be amended and reenacted as
ollows:

§ 55-88. Every sale or contract for the sale of goods and chattels,
wherein the title thereto or a lien thereon is reserved until the same be
paid for, in whole or in part, or the transfer of title is made to depend on
any condition, when possession is delivered to the vendee, shall, in respect
to such reservation and condition, be void as to creditors of the vendee,
who acquire a lien upon the goods and as to purchasers from the vendee,
for value without notice, unless such ‘sale or contract be evidenced by
writing, signed by the vendor and the vendee, setting forth the date
thereof, the amount due, when and how payable, a brief description of the
goods and chattels, and the terms of the reservation or condition; and
unless such writing is filed with the clerk by whom deeds are admitted to
record, as provided by law, of the county or corporation in which such
goods and chattels may be; provided, that if such filing be done within
five days from the delivery of the goods and chattels to the vendee, it shall
be as valid as to creditors and purchasers as if such filing had been done
on the day of such delivery of the goods and chattels.

Such clerk shall endorse on every such contract its assigned number
and the word “filed,” together with the day and hour of such filing and
shall affix his signature thereto. Provided that if said contract is filed in
duplicate the vendor may have both copies endorsed as aforesaid; in which
event the original shall be returned to the vendor and the duplicate retained
by said clerk.

Provided that any document which on its face purports to be a lease
of goods and chattels and which contains an option to purchase by the
lessee shall be recorded as a lease regardless of the conditions found in the
document and regardless of the true intent and effect of the document.