Common Contracts
1 similar Chattels Transfer Amendment Bill contracts
CHATTELS TRANSFER AMENDMENT BILL.Chattels Transfer Amendment Bill • November 22nd, 2015
By section 57 of the Chattels Transfer Act, 1924, provision is made for what are there referred to as " customary hire-purchase agreements ", in relation to chattels of the several descriptions mentioned in the Seventh Schedule thereto. The chattels referred to are all of kinds that are commonly bought on the hire-purchase system. For the purpose of financing hire-purchase transactions, a usage of trade has developed, by which the price of the chattel is paid to the manufacturer or dealer by a finance corporation established for that purpose, and the hire-purchase agreement is then made between the conditional purchaser and the nance corporation. It has recently been decided by the Court of Appeal that such corporations are not " dealers " within the meaning of section 57 of the Chattels Transfer Act, and that their agreements, although of precisely the same character as ordinary hire- purchase agreements, are not entitled to the benefits conferred by that section. The chief such benef
