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BILL OF SALE
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See also:BILL OF See also:SALE , in its See also:original sense, a legal document assigning See also:personal See also:property, and still used in connexion with the transference of property in See also:ships. The See also:term has come to be applied to mortgages as well as to sales, and the expression " bill of sale " may now be understood to signify generally a document evidencing a sale or See also:mortgage of personal chattels, unaccompanied by an actual See also:transfer of See also:possession to the purchaser or mortgagor. The first See also:English legislation on the subject was the Bills of Sale See also:Act 1854, which, after reciting that " frauds were frequently committed upon creditors by See also:secret bills of sale of personal chattels, whereby persons are enabled to keep up the See also:appearance of being in See also:good circumstances and possessed of property, and the grantees or holders of such bills of sale have the See also:power of taking possession of the property of such See also:person to the exclusion of the See also:rest of their creditors," provided that all bills of sale, as defined in the act, should be void against See also:execution creditors unless registered. This act was amended by the Bills of Sale Act 1866. These acts were repealed and a new act passed, the Bills of Sale Act 1878, which, in the See also:main, followed the lines of the act of 1854. The See also:scope of this legislation was very much widened by the Bills of Sale Act (187S) See also:Amendment Act 1882, which was intended primarily " to prevent needy persons being entrapped into See also:signing complicated documents which they might 1 Non obstante (notwithstanding) means a See also:licence from the See also:crown to do that which could not be lawfully done without it.often be unable to comprehend, and so being subjected by their creditors to the enforcement of harsh and unreasonable See also:pro-visions " (See also:Manchester &c. Ry. Co. v. N.C. See also:Wagon Co., 1888, 13 App. Ca. 554). The See also:law is now regulated by these two acts, together with the Bills of Sale Acts of 1890 and 1891, which effected further small amendments by excluding from the operation of the See also:principal acts See also:instruments hypothecating, charging or declaring See also:trusts on imported goods, during the See also:interval between their unloading from a See also:ship and their See also:deposit in a warehouse, or re-See also:shipping. Under the acts of 1878 and 1882 bills of sale are of two kinds, i.e. See also:absolute bills of sale (where chattels are sold absolutely to a purchaser), and bills of sale by way of See also:security for the See also:payment of See also:money. The Bills of Sale Act 1878 governs both kinds and is the only act which applies to absolute bills. Bills of sale given by way of security for the payment of money on or after the 1st of See also:November 1882 are governed by the act of 1882, which, however, does not apply to absolute bills. See also:Section 4 of the act of 1878 defines a bill of sale as (1) including bills of sale, assignments, transfers, declarations of See also:trust without transfer, inventories of goods with See also:receipt thereto attached, or receipts for See also:purchase moneys of goods and other assurances of personal chattels; the term assurance has been best explained as a document " on which the See also:title of the transferee of the goods depends, either as the actual transfer of the property, or an agreement to transfer," See also:Marsden v. Meadows, 1881, 7 Q.B.D. 8o; (2) See also:powers of See also:attorney, authorities or licences to take possession of personal chattels as security for any See also:debt; these words would not include a power of See also:distress for See also:rent in an See also:ordinary See also:lease or See also:bona fide See also:hiring or hire purchase agreements; (3) any agreement, whether intended or not to be followed by the execution of any other See also:instrument, by which a right in See also:equity to any personal chattels, or to any See also:charge or security thereon, shall be conferred; (4) any mode of disposition of See also:trade machinery and attornments and other instruments giving powers of distress to secure a debt or advance. On the other See also:hand, certain assurances and instruments are expressly exempt by See also:statute from the See also:definition: See also:marriage settlements, assignments of ships, assignments for the benefit of creditors, bills of See also:lading and See also:dock warrants, and by the act of 1882, See also:debentures and debenture stock of a See also:company. The expression " personal chattels " is defined as goods, See also:furniture and other articles capable of See also:complete transfer by delivery, and (when separately assigned or charged) See also:fixtures and growing crops. Absolute Bills.--Absolute bills of sale must be duly attested by a See also:solicitor, and the See also:attestation must See also:state that before execution the effect of it was explained to the grantor by the attesting solicitor. The See also:consideration must be truly stated. The bill of sale, and all schedules and inventories annexed to or referred to in the bill, and also a true copy of the bill and of every See also:schedule and See also:inventory and of every attestation, together with an See also:affidavit stating the See also:time of making or giving the bill, its due execution and attestation and the See also:residence and occupation of the grantor, and every attesting See also:witness, must be presented to, and the copies filed by, the registrar within seven clear days. In the See also:case of absolute bills the effect of non-compliance does not affect the validity of the bill as between the parties to it, but makes it void as against the trustee in See also:bankruptcy and execution creditors of the grantor. Bills by Way of Security.—All hills of sale given by way of security for the repayment of money must be made in accordance with the See also:form given in the schedule to the act of 1882, and they must not depart from the statutory form in anything which is not merely a See also:matter of verbal difference. The form given in the schedule to the act is as follows: This See also:Indenture made the See also:day of between A. B. of of the one See also:part and C. D. of of the other part, witnesseth that in consideration of the sum of now paid to A. B. by C. D., the receipt of which the said A. B. hereby acknowledges, he the said A. B. loth hereby assign unto C. D. his executors, administrators and assigns all and singular the several chattels and things specifically described in the schedule hereto annexed by way of security for the payment of the sum of £ and See also:interest thereon at the See also:rate of % per annum. And the said A. B. doth further agree and declare that he will duly pay to the said C. D. the principal sum aforesaid together with the interest then due, by equal payments of f on the day of And the said A. B. doth also agree with the said C. D. that he will (here insert terms as to See also:insurance, payment of rent, &e.., which the parties may agree to for the See also:maintenance or See also:defeasance of the security). Provided always that the chattels hereby assigned shall not be liable to seizure or to be taken possession of by the said C. D. for any cause other than those specified in § 7 of the Bills of Sale Act (1878) Amendment Act 1882. In witness, &c. Signed and sealed by the said A. B. in the presence of me E. F. (add witness's name, address and description). Non-compliance with the requirement of the statute as to form renders a bill of sale void even as between the parties. The bill of sale must have annexed to it an inventory of the chattels comprised in it, and is void, except as against the grantor, in respect of any personal chattels not specifically described. It must be duly attested by one or more credible witnesses (not necessarily by a solicitor, as in the case of absolute bills). Every witness must sign his name and add his address and description. It must be duly registered within seven clear days after the execution thereof, or if it is executed in any See also:place out of See also:England then within seven clear days after the time at which it would in the ordinary course of See also:post arrive in England if posted immediately after the execution. It must truly set forth the consideration. The grantor must be the true owner of the goods described in the schedule; as to any personal chattels of which he is not the true owner, the bill is void, except as against the grantor. Every bill of sale made or given in consideration of any sum under £3o is void. By § 7 of the act personal chattels shall only be liable to be seized or taken possession of in the following cases:—(1) If the grantor make See also:default in payment of the debt or in the performance of any See also:covenant or agreement contained in the bill and necessary for maintaining the security; (2) if the grantor becomes a bankrupt or suffers the goods to be distrained for rent, rates or taxes; (3) if the grantor fraudulently removes the goods from the premises; (4) if the grantor does not, without reasonable excuse, upon demand in See also:writing by the grantee, produce to him his last receipts for rent, rates or taxes; (5) if execution is levied against the goods of the grantor under any See also:judgment. By § 13 personal chattels seized or taken possession of under a bill must not be re-moved or sold until after the expiration of five clear days from the date of seizure, and, if the goods have been wrongly seized, the grantor may within the five days apply to the High See also:Court or a See also:judge in See also:chambers for an See also:order to restrain the grantee from removing or selling the goods. The Bills of Sale Acts 1878 and 1882 do not apply to See also:Scotland or See also:Ireland. According to Scots law no security or charge can be created over moveable property without delivery of possession. The Irish statutes corresponding to the English acts are the Bills of Sale (Ireland) Act 1879 and the Amendment Act 1883. The See also:stamp duties payable on an absolute bill of sale are 2s. 6d. on every£ 25 secured up to £30o; over £300, 5s.;on every £50. On bills of sale by way of security, Is. 3d. for every £50 up to £300 secured; over £300, 2s. 6d. for every £loo. The fees payable on filing a bill of sale are, 5s. where the consideration (including further advances) does not exceed £100; above £10o and not exceeding £200, 1os.; above £200, D. The various trade See also:protection papers always publish the See also:registration of a bill of sale, and the usual effect is, therefore, to destroy the See also:credit of any person giving one. (T. A. Additional information and CommentsThere are no comments yet for this article.
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