Bullen and Leake and Jacobs define a bill of sale as “a document transferring a proprietary interest in personal chattels from one individual (the “grantor”) to another (the “grantee”), without possession being delivered to the grantee”. According to Omotola the bill of sale is “a form of legal mortgage of chattels”. The Black’s Law Dictionary on its part defines a bill of sale as “an instrument for the conveyance of title to personal property, absolutely or by way of security”. Further developments led to the enactment of the Bills of Sale Act 1882.Ī bill of sale has been defined as a legal document made by the seller to a purchaser, reporting that on a specific date at a specific locality and for a particular sum of money or other value received, the seller sold to the purchaser a specific item of personal property, or parcel of real property of which he had lawful possession. The first of such being the Bills of Sale Act 1854 which was repealed and re-enacted by the Bills of Sale Act 1878 which was almost on all fours with the 1854 act. The evolution of various bills of sale laws, within the USA, was to curb the use of the bill of sale as a means of defrauding innocent persons. This scenario made the bill of sale a veritable tool of fraud. A common feature of such dispositions is that the owner mortgagor remains in possession and exercises all the attendant rights of ownership, which may be so overwhelming as to induce a third party to accept the same chattel as a security for a grant, albeit without notice of the first mortgagee. The term “bill of sale” originally referred to any writing by which an absolute disposition of personalty for value was effected or evidenced. īills of sale in the US Historical origin This area of the law was subject to review by the Law Commission, which published a proposal for change in 2017. In England and Wales, they are regulated by two Victorian pieces of legislation: the Bills of Sale Act 1878 and the Bills of Sale Act (1878) Amendment Act 1882.
It is used in situations where the former owner transfers possession of the goods to a new owner.
( Learn how and when to remove this template message)Ī bill of sale is a document that transfers ownership of goods from one person to another. ( December 2010) ( Learn how and when to remove this template message) You may improve this article, discuss the issue on the talk page, or create a new article, as appropriate. The examples and perspective in this article may not represent a worldwide view of the subject.
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