HomeMy WebLinkAbout0357 _ _ . w_________ ~ _ f _ -
.
_ .
'
. page 2 -
ttie follawing amoUnts : . ~ .
January 1, 1964 $5,662.25 -
July i, 1964 5,661,00 -
January 1, 1965 - 5,661,00
Juiy i, 1965 _ 5,661.00 ~
The defendant failed to make the payment which was due on
January 1, 1964 and similarly failed•to make any of the subsequent
payments,~
4. Paragraph 5 of the Contract provides;
"Title. Title to equipment and materials
covered hereby, and to any and all additions
or accessions thereto and substitutions therefor,
shall remain in Seller until Buyer has completed
payment of the purchase price thereof. In the
event.of a default by Buyer hereunder, Seller, at .
its option, may declare the entire unpaid portion .
of the purchase price to be immediately due and
payable, and may take immediate possession of said
equipment and materials, without notice, demand or
legal process, and without liabiZity to Buyer in
damages for so doing."
5. According to the affidavit of Robert A. Fordyce,
Assistant Secretary of FMC Corporation, which affidavit singularly
~ stands of record on the issue of the value of the equipment, the
i "
~ fair market value of the equipment on January_1, 1964, was $21,657.95.
CONCLUSIONS OF LAW
1. This Court has jurisdiction of the subject matter of
this action under Title 28, U.S,C., §1331(a) by virtue of the fact
of diversity of citizenship and the fact that the amount in contro-
versy exceeds $10,000, exclusive of interest and costs.
2. The plaintiff, on January 1, 1964, by reason of the
~
~
default by the defendant occurring on that date, was entitled to
i~nediate;possession of the property which was the subject matter
of the Conditional Sales Contract.
.
~166 ~ ~
. . . - - - - - _
~ _
_ _
~ _ - : . . . ~
- _ k T -