Goods mortgages – an explosion in art-lending? – Update

The Goods Mortgages Bill was introduced as a private member’s bill yesterday (29 November) by Lord Stevenson.

To recap, the Goods Mortgages Bill was drafted following a consultation by the Law Commission to modernise the law that enables individuals to use goods they own – including art, wine, and classic cars – as security for debts, which we previously wrote about on Art Law & More here and here.

Following disappointment at the government’s decision to shelve the draft Bill in May this year, the draft Bill is now due to be introduced as a private member’s bill. Lord Stevenson was due to have the First Reading of the Bill in the Lords yesterday and we understand that Yvonne Fovargue MP plans to introduce a similar Ten Minute Rule Bill in the Commons.

It is hoped that this will persuade the Government to reconsider their previous decision.

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