Goods mortgage—key security document provisions [Archived]
Produced in partnership with Jacqueline Cook of Sullivan & Worcester LLP
Goods mortgage—key security document provisions [Archived]

The following Banking & Finance practice note produced in partnership with Jacqueline Cook of Sullivan & Worcester LLP provides comprehensive and up to date legal information covering:

  • Goods mortgage—key security document provisions [Archived]
  • What is the proposed goods mortgage?
  • Parties to a goods mortgage
  • What type of security can a goods mortgage be used to create?
  • The charging clause—granting security
  • Secured obligations definition
  • Protection of the mortgagor—warnings or declarations
  • Warnings
  • Declarations
  • Governing law and jurisdiction clause
  • More...

ARCHIVED: On 14 May 2018, HM Treasury (HMT) published its findings after considering the responses it received to its consultation dated 22 September 2017 on the proposal to reform the Bills of Sale Acts. HMT announced, given the concerns that were raised in the consultation, the small and reducing market and wider work on high-cost credit, the government is not intending to introduce new legislation at this point in time. For more information, see News: Goods Mortgages Bill: HM Treasury’s response to consultation—LNB News 14/05/2018 28. As such, this Practice Note currently remains for background purposes only.

On 23 November 2017, the Law Commission published its report on the Goods Mortgages Bill. The report contains the final version of the Bill and outlines the Law Commission’s recommendations in relation to it. Jacqueline Cook, member of the Lexis®PSL Banking & Finance consulting editorial board and senior professional support lawyer, in the finance practice of Stephenson Harwood LLP, London, provides an overview of some of the key provisions that will need to be included in, or considered when drafting, a goods mortgage in line with the new legislation when it comes into effect.

What is the proposed goods mortgage?

'From Bills of Sales to Goods Mortgage' the Law Commission Report No 376 presented to Parliament on 23 November 2017 (the ‘Report’) contains the final version of the draft Goods

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