§ Order for Consideration read.
§ Bill, as amended, considered.
§ THE ATTORNEY GENERAL (Sir JOHN HOLKER) moved in page 1, after Clause 5, to insert the following Clause:—
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(Certain mortgages to be subject to this Act as bills of sale.)
Every conveyance, mortgage, or assignment of land or hereditaments whereby the grantor or assignor, being an occupier of such lands or hereditaments, grants, conveys, or assigns any trade fixtures, shall, so far as regards such trade fixtures, be subject to all the provisions of this Act as if the same were a bill of sale to which this Act applies. In this section 'trade fixtures' means any fixtures which the grantor or assignor of such conveyance, mortgage, or assignment would, if he were a tenant of the premises, have (as between himself and the landlord in the absence of special agreement) power to sever and remove.
§ MR. GREGORYconsidered that the effect of the clause would be to compel the registration of every security upon a mill or factory, and thereby very great injury would be done to the commercial community; because all bills of sale which were liable to be registered were subsequently published in journals which had a general circulation.
§ Motion agreed to.
§ Clause read a second time, and added to the Bill.
§ THE ATTORNEY GENERAL (Sir JOHN HOLKER)moved, in page 5, after Clause 10, to insert the following Clause:—
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(Subsequent bill of sale of same goods, for same consideration to be void.)
Whenever, hereafter, a bill of sale is executed in consideration of, or to secure a debt, money, or money's worth, and afterwards another bill of sale is executed in consideration of or to secure the same debt, money, or money's worth, or any part thereof, the subsequent bill of sale, so far as regards the property in, or right to, the possession of any personal chattels comprised in or made subject to the former bill of sale, shall be null and void, to all intents and purposes, as against the same persons, and to the same extent as the former bill of sale, shall, under the provisions of this Act, be null and void, notwithstanding that the requirements of this Act shall be complied with, as to the subsequent bill of sale, or the time allowed for complying therewith shall not have elapsed.
§ MR. DODDSsaid, this clause was a most objectionable one, and if insisted upon must have the effect of destroying bills of sale and security altogether. He most earnestly hoped, therefore, it would not be pressed, because the result must be most disadvantageous to the obtaining of securities in this country.
§ MR. MORLEYdiffered from the opinion just expressed by the hon. Member for Stockton (Mr. Dodds). Bills of were viewed with considerable 1265 jealousy by the mercantile community, and he hoped the clause would be agreed to.
§ Motion agreed to.
§ Clause read a second time, and added to the Bill.
§ Further Amendment made.
§ Bill to be read the third time upon Monday next.
§ House adjourned at a quarter before One o'clock, till Monday next.