AGENCY: Lieutenant Governor
SERIES: 335
TITLE: Railroad contract sales record books
DATES: i 1910-1967.
ARRANGEMENT: Chronological.
DESCRIPTION: Under 1905 legislation, delivery of railroad or street car equipment or rolling stock could take place immediately or over time, but title to the property would not pass to the purchaser until the price was paid in full. Until then, the seller retained a lien on the property. A contract stipulating the details was to be filed in the office of the secretary of state, in a book of records kept for that purpose; these are those books. On payment in full, a written declaration by the vendor and purchaser (also known as lessor or bailor) was also recorded. The law remained in effect until December 31, 1965, when it was replaced under the Uniform Commercial Code, but transactions begun before that date could be completed under the old act. Most of the vendors, trustees, and railroads were not headquartered in Utah, but the railroad filed in any state where it did business or was likely to use the equipment.
Articles of agreement give specifications on the equipment to be delivered, often in great detail as to workmanship, dimensions, brake type, cab equipment, whistles, etc. The placement of the owner's or vendor's name on the car as required is also specified. Payment of taxes, replacement costs, insurance, and default procedures are also detailed as are method and amount of payment. If a trustee, usually a bank or loan company, rather than a vendor were to hold title and collect payments by means of purchasing the equipment from the vendor and then leasing it to the railroad, copies of the assignment contract and lease agreements would be recorded. Contractual changes over time are recorded in full as is the final bill of sale and title release. Documents are signed by the appropriate company officials and corporate lawyers.
RETENTION
DISPOSITION
RETENTION AND DISPOSITION AUTHORIZATION
These records are in Archives' permanent custody.
FORMAT MANAGEMENT
Paper: Retain in State Records Center until microfilmed and then destroy provided microfilm has passed inspection.
Microfilm master: Retain in State Archives permanently with authority to weed.
Microfilm duplicate: Retain in State Archives permanently with authority to weed.
APPRAISAL
Historical
Presents detailed equipment and financial information not conveniently gathered elsewhere.
PRIMARY DESIGNATION
Public