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.
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.
http://wiki.answers.com/Q/What_are_the_terms_of_a_...
A chattel mortgage is a lien on assets other than real estate backing a loan. ChaCha again soon!
http://www.chacha.com/topic/mortgage/what-is-a-cha...
chattel mortgage: a loan to buy some personal item
http://www.kgbanswers.com/what-is-the-meaning-of-c...
The purchaser borrows funds for the purchase of movable personal property (the chattel) from the lender. The lender then secures the loan with a mortgage over the chattel. Legal ownership
http://aolanswers.com/questions/chattel_mortgage_l...
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.
About -  Privacy -  Careers -  Ask Blog -  Mobile -  Help -  Feedback  -  Sitemap  © 2014 Ask.com