BILLS OF SALE.

Wairarapa Daily Times, Volume 4, Issue 1245, 2 December 1882, Page 2

BILLS OF SALE.

(londdn" Timoa" August 30th;) Ou the Ist of November next a new law comos into operation with regurd to Bills of Sale. One of tha ohiof features of the new Act is the discouragement given to the borrowing of Email amounts by making all bills for sums undor £3O absolutely void. The importance of this provision may be inferred from the fact that last year there as many as 13,519 Bills of Sale for amounts under £2O. Another very important point is that the holdor of a Bill of Sale will be deprived of tile prefereuce which was Riven to him by the Act of 1878 overtlio ordinary creditors of. a tradur who becomes bankrupt.; Id cases of bankruptcy the debtor's goods will iu general be distributed among the creditors instead of being a good security for tbo debt of one to whom a Bill of Sale has been given. For the Aot repeals the innovation' of the Statute of 1878, which says that chattels comprised iu a Bill of Sale "which shall not be deemed to be in the possession, order, or disposition ot the grantor , , . . within the meaning of the Bankruptcy Acl," Another thing against which a Bill of Sale will afford no protection.will be the recovery of taxes and poor and other parochial rates. Then, again, it will be necessary to forth in a Bill of Sale au inventory of all tho personal chattels comprised in it; for it will be roid, except as against the grantor, in respect of any obattles not so specifically described, Moreover, it will be similarly, void as to property acquired after the exp. oution of tho bill; except that growing cropa may be affected by a bill where they are actually growing fit the.time of execution and also fixtures, plant or trade machinery that are substituted for others of tho same kind. The Act seta forth the firo classes of reasons which alone will make property liable to bo seized under a : Bill of Sale. They aro (1) if the debtor make dofault in paymont at tho proper timo the sum borrowed, or in tho performance of any agrocmont that is contained in the bill and is necessary for maintaining tho security; (2) if ho bocomo a bankrupt, suffer the goods to be dietrainod for rent, ratos, or taxes; (8) if he fradulently removes the'goods from the premisos: (4) if he fail, without reasonable oxcuae, t<> produce upon domand of the louder the list receipt for rent, rates, and taxes; ami (5) if execution be levied agaiiut the uooda of the debtor undor a judgment of law. When property .is seized under a Bill of sale, it is not to be removed or sold until after the expiration offivo days; and during that time a Judge, if he is satisfied that by payment of money or otherwise the cause of seizure no longer exists,-may, on the applicaton of the, debtor, restrain the removal or sale, or make any other ordor that saomajust: .