Chattel loan/mortgage A chattel loan is one of the most common ways to finance mobile homes that sit on land-leased properties. Because you don’t own the land you lease, you can’t use a traditional mortgage because you can’t fix the home permanently to a foundation.
Chattel mortgages are loans that are used to buy cars and other items, such as commercial equipment. A chattel mortgage consists of the chattel (the car) and the mortgage (the loan that must be paid back).
chattel paper, general intangibles (other than collateral securing the 2018 Notes on a first-priority basis), instruments, documents, cash, deposit accounts, securities accounts, commodities accounts,
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Definition of chattel mortgage in the Definitions.net dictionary. Meaning of chattel mortgage. What does chattel mortgage mean? Information and translations of chattel mortgage in the most comprehensive dictionary definitions resource on the web.
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A chattel mortgage is a mortgage that provides for a security interest in assets other than real estate to secure the loan. In the event of a default in payments, the lender has a lien in the assets used as collateral for the loan. In most states, a security agreement has replaced the use of chattel mortgages.
By a chattel mortgage, personal property is recorded in the Chattel Mortgage Register as a security for the performance of an obligation. If the movable, instead of being recorded, is delivered to the creditor or a third person, the contract is a pledge and not a chattel mortgage.
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chattel mortgage TheLaw.com Law Dictionary & Black’s Law Dictionary 2nd Ed. An instrument of sale of personalty conveying the title of the property to the mortgagee with terms of defeasance; and, if the terms of redemption are not complied with, then, at common law, the title becomes absolute in the mortgagee, Means v.