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A bill of sale is a document that enables one person to possess and use goods (the possessor) while another has legal claim on the goods (usually someone who has lent the possessor money to purchase the goods). Once the loan is repaid, full ownership passes to the possessor of the goods.
A general system of registration of these mortgages and charges over goods is established under the Tasmanian Bills of Sale Act 1900 (the Act), and Bills of Sale Regulations 2001 (the Regulations).
The Business Affairs Branch of Consumer Affairs and Fair Trading administers the Act and Regulations. It also maintains a Bill of Sale Register, which records the interest of lenders, including banks, finance companies, individuals and the like.
It is recommended that you read the legislation thoroughly and seek private legal advice for any clarification required. Printed copies of the Act and Regulations can be obtained from the Printing Authority of Tasmania on 03 6233 3289.
Further information on this subject is available on the following pages:
