The Conditional Bill of Sale
The conditional bill of sale refers to any assignment or transfer of personal chattels to a person by way of security for the payment of money. The conditional bill of sale creates a security in favour of the grantee of the bill whereby the grantee is given personal right of seizure giving right to a security interest of a possessory nature.
There are other forms of security over goods such as a pledge and contractual lien which also only give right to a security interest of a possessory nature.
An example of a conditional bill of sale can be found where a creditor gives a loan and has transferred to himself, as collateral or security for the loan, the title of the goods or other personal property of the debtor. The physical goods or other property however remains with the debtor.
In recent times, bills of sale secured against debtors vehicles (also known as "logbook loans") have gained notoriety in the United Kingdom due to their often very high interest rates and potentially unfair terms and conditions. In December 2009, the UK government announced plans to consult on whether to outlaw logbook loans.
Read more about this topic: Bill Of Sale
Famous quotes containing the words conditional, bill and/or sale:
“The population of the world is a conditional population; these are not the best, but the best that could live in the existing state of soils, gases, animals, and morals: the best that could yet live; there shall be a better, please God.”
—Ralph Waldo Emerson (1803–1882)
“We have our difficulties, true; but we are a wiser and a tougher nation than we were in 1932. Never have there been six years of such far flung internal preparedness in all of history. And this has been done without any dictator’s power to command, without conscription of labor or confiscation of capital, without concentration camps and without a scratch on freedom of speech, freedom of the press or the rest of the Bill of Rights.”
—Franklin D. Roosevelt (1882–1945)
“I hate this shallow Americanism which hopes to get rich by credit, to get knowledge by raps on midnight tables, to learn the economy of the mind by phrenology, or skill without study, or mastery without apprenticeship, or the sale of goods through pretending that they sell, or power through making believe you are powerful, or through a packed jury or caucus, bribery and “repeating” votes, or wealth by fraud.”
—Ralph Waldo Emerson (1803–1882)