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.
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Famous quotes containing the words bill of sale, conditional, bill and/or sale:
“Chippenhook was the home of Judge Theophilus Harrington, known for his trenchant reply to an irate slave-owner in a runaway slave case. Judge Harrington declared that the owner’s claim to the slave was defective. The owner indignantly demanded to know what was lacking in his legally sound claim. The Judge exploded, ‘A bill of sale, sir, from God Almighty!’”
—For the State of Vermont, U.S. public relief program (1935-1943)
“Conditional love is love that is turned off and on....Some parents only show their love after a child has done something that pleases them. “I love you, honey, for cleaning your room!” Children who think they need to earn love become people pleasers, or perfectionists. Those who are raised on conditional love never really feel loved.”
—Louise Hart (20th century)
“As for farming, I am convinced that my genius dates from an older era than the agricultural. I would at least strike my spade into the earth with such careless freedom but accuracy as the woodpecker his bill into a tree.”
—Henry David Thoreau (1817–1862)
“I keep thinking that what I need
to do is buy my leg back.
Surely it is for sale somewhere,
poor broken tool, poor ornament.
It might be in a store somewhere beside a lady’s scarf.”
—Anne Sexton (1928–1974)