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bill of sale


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1. A document by which a person transfers the ownership of goods to another. Commonly the goods are transferred conditionally, as security for a debt, and a conditional bill of sale is thus a mortgage of goods. The mortgagor has a right to redeem the goods on repayment of the debt and usually remains in possession of them; the mortgagor may thus obtain false credit by appearing to own them. An absolute bill of sale transfers ownership of the goods absolutely. The Bills of Sale Acts 1878 and 1882 regulate the registration and form of bills of sale. 2. A document recording the change of ownership when a ship is sold; it is regarded internationally as legal proof of ownership.

1. A document by which a person transfers the ownership of goods to another. Commonly the goods are transferred conditionally, as security for a debt, and a conditional bill of sale is thus a mortgage of goods. The mortgagor has a right to redeem the goods on repayment of the debt and usually remains in possession of them; the mortgagor may thus obtain false credit by appearing to own them. An absolute bill of sale transfers ownership of the goods absolutely. The Bills of Sale Acts 1878 and 1882 regulate the registration and form of bills of sale. 2. A document recording the change of ownership when a ship is sold; it is regarded internationally as legal proof of ownership.

Subjects: Accounting.


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