Thx. for the explanation. Literally it is a conveyance in trust as collateral security and is known in the UK, for chattel mortgages, as a Conditional Bill of Sale by way of Mortgage i.e. of a motor car.

'Equitable Charge
......
An equitable charge is also a *non-possessory* form of security, and the beneficiary of the charge (the chargee) does not need to retain possession of the charged property.

Where security equivalent to an equitable charge is given by a natural person (as opposed to a corporate entity) it is usually expressed to be a *bill of sale*, and is regulated under applicable bills of sale legislation. Difficulties with the Bills of Sale Acts in Ireland, England and Wales have made it virtually impossible for individuals to create floating charges.'