Commentary

8.3 Compliance with required form

BILLS OF SALE vol 4(1)
| Commentary

8.3 Compliance with required form

| Commentary

8.3 Compliance with required form

The court will look at the substance of the transaction, and a bill that, although purporting to be an absolute bill, is given as security for a loan will be invalid as not complying with the statutory form1. Similarly, if an arrangement that on its face appears to be a hire purchase agreement turns out in fact to be a sham because the hirer was never intended to part with the beneficial ownership in the goods, the agreement will be avoided as not complying with the statutory form2.

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