FIN.

Goods Mortgages Bill: First Reading

The Goods Mortgages Bill which we talked about in a previous post, has now had its first reading in the House of Lords.

If it becomes law it will:

  • create a new form of non-possessory security that can be created over qualifying goods owned by individuals(essentially England and Wales based tangible moveable goods (other than aircraft registered in the UK and s313(1)* ships) ; and
  • repeal the Bills of Sales Acts 1878 and 1882.

A register of such mortgages would then be kept by the Secretary of State.

The required second reading of the Bill is yet to be scheduled.

*of the Merchant Shipping Act 1995

Emma Radmore