Bill of sale, conditional

Updated: Aug 20, 2021

This is a bill where the transferor reserves the right to retake the title. It must be witnessed but not necessarily by a solicitor. lt must be in the form stated in the Bills of Sale (1878) Amendment Act 1882 and must show the concideration, rate of interest, date of repayment and any conditions. The value must be more than £30 and a list of the goods must be attached. The transferee Ally take possession if (1) the conditions are not observed, (2) the transferor becomes bankrupt or allows the goods to become distrained for rent, rates or taxes. (3) the transferor attempts to dispose of the goods, (4) the transferor allows the law to take possession of his goods. After taking possession, the transferee cannot move or sell the goods for five days.

Reference: The Penguin Business Dictionary, 3rd edt.

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