In re National Cash Register Co.

DENISON, Circuit Judge.

In August, 1920, the National Cash Register Company and the bankrupt executed a contract which is copied in the margin.1 In accordance therewith the cash register was *743delivered to Nader in September, and he gave his negotiable promissory note therefor, payable in nine monthly installments of $15 each. Three of these had been paid at the time of bankruptcy. The question is whether the contract was truly one of conditional sale, or should be treated as showing an absolute sale with a reservation of title by way of security.

This question has given rise to much difficulty…