ABSTRACT
This chapter discusses the principal legal mechanisms available in the context of personal property. Under English and Welsh law (and Scottish law) it is possible to create a security interest in goods by the act of transfer of possession of the goods to the mortgagee. With hire purchase or conditional sale, if the net sale proceeds of the goods are insufficient to cover the balance of credit owing, then the Finance House may reserve a right to claim money damages from the customer. In the absence of special protection under the Consumer Credit Act 1974 the Finance House may have the right to terminate the hiring and the agreement upon the occurrence of a specified event. The chapter presents the cases to consider relief in the form of allowing the hirer to pay the total rentals and acquire ownership of the goods or equivalent.
