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