Consumer Affairs and Fair Trading : Satisfying a Bill of Sale

Bills of sale

Satisfying a bill of sale

Procedure
Lodging
Cost
Partial Satisfaction

Procedure

To satisfy a Bill of Sale you need to complete the form Certificate of Satisfaction, and attach the following information:

the name of the person completing the certificate of satisfaction (this person must be entitled to discharge the bill of sale. An entitled person is a representative of the grantee [lender]. If the granto [borrower] is completing the satisfaction a letter from the grantee must accompany the satisfaction)
the bill of sale registration number
the date the bill of sale was initially executed
the full name and residential address of the grantor (borrower) and grantee (lender) - as it appears on the bill of sale and
the date the bill of sale was originally registered with this Branch.

The form must be signed and witnessed.

Click here to view the Certificate of Satisfaction form.

You will need a PDF viewer such as Adobe Reader to view PDF documents. To download a copy of this free from the internet, click on the icon. Please contact us if you have difficulty viewing or printing the documents.

Alternatively, forms can be obtained from Service Tasmania.

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Lodging

The completed Certificate of Satisfaction, and accompanying information, should be attached to the original bill of sale document or to an endorsed copy.

The documents can then be lodged at Service Tasmania or by post to:

Business Affairs
GPO Box 1244
HOBART Tas 7001

This copy will be stamped with a satisfaction number and a date, and returned to you for your records.

Cost

The prescribed fee, made payable to the Business Affairs Branch, must be paid when lodging the satisfaction form.

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Partial Satisfaction

Partial satisfaction is mainly used as a means of freeing specific chattels for sale.

Section 30 of the Act outlines the parameters for the partial satisfaction of a bill of sale.

Partial satisfaction must be not less than 25% of the total principal moneys remaining secured by a bill of sale.

Notification of partial satisfaction must be forwarded to the Corporate Affairs Commissioner within 14 days of receipt of the payment.

To achieve partial satisfaction, complete the form Certificate of Satisfaction and note the amount of the loan that has been repaid. You may also choose to identify a chattel affected by the transaction.