conditional sale agreement

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1 A contract of sale under which the price is payable by instalments and ownership does not pass to the buyer (who is in possession of the goods) until specified conditions relating to the payment have been fulfilled. The seller retains ownership of the goods as security until being paid in full.

2 A sale subject to conditions, as for example, with a merget being subject to a due diligence condition.

Subjects: Law — Financial Institutions and Services.

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