| Commentary

7 General

| Commentary

C: BILLS OF SALE BY WAY OF SECURITY

7 General

Bills of sale by way of security are given as security for an obligation only to pay money and are regulated by the provisions of the Bills of Sale Act 1878 and the Bills of Sale Act (1878) Amendment Act 18821. Where a bill of sale is given as security for a short term loan of money to an individual the provisions (if applicable) of the Consumer Credit Act 19742 must also be observed if the security is to be enforceable3.

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