Bill of Sale

A document, or deed of transfer, confirming transfer of ownership of goods or property from one entity to another. In the UK, a Bill of Sale is required to declare the sale and transfer of ownership of a British registered ship. Alternatively, a Bill of Sale is used as security against consumer loans such as logbooks loans for the purchase of cars, where the lender grants automobile credit in return for the car’s log book during the life of the loan. The UK Law Commission describes Bills of Sale as “a way in which individuals can use goods they already own as security for loans while retaining possession of those goods”.