Chattel Mortgage Example?


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.
Q&A Related to "Chattel Mortgage Example?"
the buyer signs a promissory note, secured by the product, that constitutes a promise to repay the debt. The mortgage will typically contain an acceleration clause.
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,
Chattels:1:personal as opposed to real property; any tangible movable property (furniture or
chattel: personal as opposed to real property
2 Additional Answers Answer for: what is a chattel mortgage
Chattel Mortgage
A term used to describe a loan arrangement in which an item of movable personal property is used as security for the loan. A chattel mortgage is a loan that is secured by chattel rather than by real property. In a traditional mortgage, the loan is se... More »
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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