Bills of sale are legal instruments, still used today, that allow individuals to transfer ownership of goods to another while retaining them physically. Historically, bills of sale were most often used as security for loans where the borrower would grant ownership to the lender over, say, a painting which would act as the security but (in contrast to pawn broking or granting a pledge) could keep the painting hanging on their wall. Once the loan was repaid, the ownership of the painting would be reinstated to the borrower. Continue reading →