The property transferred is the next part of the bill of sale to which we come. It does not need a bill of sale to mortgage a house, which is nut a chattel ; or a chattel the possession of which is delivered to the lender, as in the case of a pledge with a pawnbroker. But the grantor retaining possession, a mortgage of goods and chattels (q.v.) must be by way of bill of sale. As against creditors, or any one other than the grantor, the bill of sale will be void in respect of any chattels it affects to mortgage, of which the grantor was not the true owner at the time of the execution of the bill of sale ; the assignment must therefore not be expressed so as to include future or after-acquired property. Every bill of sale must have annexed to it or written thereon a schedule containing an inventory specifically describing the chattels comprised in the bill of sale ; non-compliance with this rule will render it void, except as against the grantor, in respect of any chattels not so specifically described. Care must be taken that the description is absolutely specific, so that the identity of the chattels mort gaged can be ascertained without reasonable doubt ; in the absence of such description the bill of sale will be void in respect of such insufficiently described chattels. The description may be specific in general, though not so in particular : thus "all the silver coffee-pots now in my house" would be sufficient, without a particular description of each coffee-pot ; but " twenty one mulch cows" would not be sufficient in the absence of anything to show that they were the only cows on the premises.
The condition for payment.—The sum payable, both principal and interest, must be clearly and definitely stated ; and, in addition, the rate of the interest should be specified. An agreed lump sum as interest or bonus would invalidate the bill of sale; the rate itself must be stated, although not necessarily in terms of percentage—thus "one shilling in the pound per month" would be sufficient. The time for payment must also be definite and certain—on demand, or a specified time after demand, would be a worse than useless stipulation. A bill of sale cannot, consequently, be given as an indemnity to a surety, for the latter cannot know with certainty when the need for the indemnity will arise.
Power of seizure and .sale.—Chattels assigned under a bill of sale are liable to be seized or taken possession of by the grantee for only certain causes. They are the following :—(1) If the grantor shall make default in payment of the sum or sums of money secured by the bill of sale at the time therein provided for payment, or in the performance of any covenant or agreement contained therein and necessary for maintaining the security. The covenants referred to would be those such as for insurance, payment of rent, or otherwise; (2) if the grantor shall become a bankrupt, or suffer the goods, or any of them, to be distrained for rent, rates, or taxes ; (3) if the grantor shall fraudulently remove or suffer the goods, or any of them, to be removed from the premises ; (4) if the grantor shall not, uithout reasonable excuse, upon demand in writing by the grantee, produce to him his last receipts for rent, rates, and taxes; (5) if execution shall have been levied against the goods of the grantor under any judgment at law. But the
grantor may, within five days from the seizure or taking possession of any chattels on account of any of the above-mentioned causes, apply to the High Court, and if the Court is satisfied that by payment of money or otherwise the said cause of seizure no longer exists, it may restrain the grantee from removing or selling the chattels, or may make such other order as may seem just. Goods and chattels so seized must remain on the premises where seized or taken possession of, and must not be removed or sold until after the expiration of five clear days from the day they were seized or taken possession of. A bill of sale does not protect any property against rent, taxes, or poor and parochial rates.
Attestation need not be by a solicitor ; but the witness must give his proper description, address, and occupation.
Registration is necessary, and is effected in the same way as in the case of an absolute bill of sale. Without registration it would be void. It is most important that the proper name, address, and occupation of the grantor and the attesting witness are given. There must be no doubt possible as to the identity of either, or the address or occupation ; as to the latter, such expressions as " gentleman," " clerk," &c., are useless, and will only lead to the avoidance of the bill of sale. Registration must, if necessary, be renewed. Upon the discharge of the grantor from his liability under the bill of sale, he is entitled to obtain from the grantee a consent that satisfaction may be registered, and upon the consent being filed, together with an affidavit by a witness to the signature thereof, the satisfac tion will be entered in the central office, and this will be as extensively advertised as was the bill of sale itself when registered. Any person may search at the central office and obtain an official copy of any bill of sale ; it may be an advantage to a creditor to do this when he finds an execution blocked by a bill of sale about the bon/1,114es of which he has his doubts : large number of bills of sale are created merely to keep out creditor! Stamps and fie, stamps on absolute bills of sale are on tilt same scale as those on conveyances ; and on conditional, as on mortgages. The following are the fees :—On filing a bill of sale and affidavit where the consideration (including further advances) does not exceed £100, 5s.; above £100 and not exceeding 1'200, 10s.; above £1; affidavit of re-regis tration, 10s. ; fiat of satisfaction, 5s.; request for search and certificate, 5s. See also hereon : ACT OF BANKRUPTCY ; BANKRUPTCY ; DE FEASANCE ; FRAUDULENT CONVEYANCE; HIRING AGREE MENT ; POSSESSION ; REPUTED OWNERSHIP.