THEODORE R. MCKELDIN, GOVERNOR 1793

under the sub-title "Land Instalment Contracts", to be known
as Sections 117 to 120, 122, 123, inclusive, to follow imme-
diately after Section 116 of said Article, and to read as follows:

LAND INSTALMENT CONTRACTS

117. (Definitions. ) In this sub-title, unless the content
otherwise requires, the following words and terms shall have
the following meaning:

(1) "Land instalment contract" means a legally binding
executory agreement under which (a) the vendor agrees to sell
an interest in property to the vendee and the vendee agrees to
pay the purchase price in five or more subsequent payments
exclusive of any down payment, and (b) the vendor retains
title as security for the vendee's obligation.

(2) "Down payment" means the payment made by the vendee
to the vendor on account of the purchase price at or before
the time of the execution of a land instalment contract. This
sub-title shall, however, apply to land instalment contracts
whether or not a down payment is made.

(3) "Property" means either improved fee simple property
or improved chattels real occupied or to be occupied by the
vendee as a dwelling where the purchase price does not exceed

Ten Thousand Dollars ($10, 000). FIFTEEN THOUSAND

DOLLARS ($15, 000).

(4) "Vendor" means any individual, partnership, corpora-
tion, association, trust, joint-stock company and any other
group of individuals however organized making a sale of prop-
erty by means of a land instalment contract.

(5) "Vendee" means the person (other than a corporation)
who purchases property subject to a land instalment contract,
or any legal successor (other than a corporation) in interest
to such person, and shall continue to designate such person
notwithstanding he may have entered into one or more agree-
ments as to extension, default or refund.

118. (Form and Delivery of Land Instalment Contracts. )
(1) Every land instalment contract shall be evidenced by an
instrument in writing signed by all of the parties thereto con-
taining all of the terms to which they have agreed.

(2) At or before the time the vendee signs the instrument,
the vendor shall deliver to him an exact copy of it and the
vendee shall give the vendor a receipt showing that he has
received the copy of the instrument. If such copy was not
executed by the vendor, then unless the vendor within fifteen
(15) days after notice that the vendee has signed, delivers to

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