‘Complex, arcane and outdated’... Rules for bills of sale
This is, perhaps, not the most encouraging description of a set of legal rules, but is the one recently applied by the Law Commission (the body responsible for law reform proposals) to those concerning bills of sale. So why the description?
A bill of sale is primarily a way for individuals to use their existing goods as security for a loan. The principal law governing them is more than 130 years old and uses the language of that era — ‘chattels’ instead of ‘goods’ — but the concept remains the same: the items being secured must be capable of being transferred by actual delivery. Assets such as shares, cash, money claims and farming stock are not subject to the bills of sale provisions…
Click on the link below to read the rest of the Gateley briefing.
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