Chattel Mortgage Example?

Answer

A chattel mortgage is a loan given with movable personal property used as security. The assets held as security for a chattel mortgage cannot be fixed and such loans are common in the business world where they are used as a means to acquire new properties using operational equipment as chattel.
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The Chattel mortgage package offers competitive rates, which is their main advantage. They also have a range of flexible mortgage packages which may be an advantage.
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Meaning a loan to buy some personal item the item (or chattel) is security for the loan Hypernyms(s) chattel mortgage is a kind of… Example: animal is a hypernym of mammal,
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2 Additional Answers
Ask.com Answer for: what is a chattel mortgage
chattel mortgage
NOUN
1.
a mortgage on household, movable, or other personal property.
Source: Dictionary.com
Chattel Mortgage is a type of a loan security, where an individual is able to secure a loan using movable assets such as cars, motorbikes as opposed to the most common immovable assets such as real estate. Legal ownership is transferred to the bank until the completion of the loan repayment.
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