Chattel mortgage legal definition of chattel mortgage.
Examples. A common example of a chattel mortgage is a car loan. The creditor lends the money to a borrower that wants to purchase or 'finance' a new or used car but does not have the funds on hand.
Chattel mortgage, sometimes abbreviated CM, is the legal term for a type of loan contract used in some states with legal systems derived from English law. Under a typical chattel mortgage, 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.
Definition of chattel mortgage in the Financial Dictionary - by Free online English dictionary and encyclopedia. What is chattel mortgage? Meaning of chattel mortgage as a finance term. What does chattel mortgage mean in finance?
Chattel mortgage definition, a mortgage on household, movable, or other personal property. See more.
What is a chattel mortgage? A chattel mortgage is the same product as a secured car loan only for assets that are purchased primarily for business use. For example, if you're a tradie and need a ute for moving your equipment from site to site, you may qualify for a chattel mortgage.
What is a Chattel Mortgage? A chattel mortgage is a form of financing that can be used to purchase or refinance a manufactured home that’s not permanently attached to land. For example, chattel mortgages can be used to finance the purchase of manufactured homes that are placed in land-lease communities, on individual rental sites, on family.
Chattel is any piece of personal property that you can move. Deeper definition In the financial world, chattel stands in stark contrast to another type of personal property known as real property.
CHATTEL MORTGAGE (ARTICLES 2140-2141, CHATTEL MORTGAGE LAW) Art. 2140. 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.
The Chattel Mortgage Law defines chattel mortgage as 'a conditional sale of personal property as security for the payment of a debt, or the performance of some other obligation specified therein, the condition being that the sale shall be void upon the seller paying to the purchaser a sum of money or doing some other act named.'.
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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.
Chattel Mortgage. A transfer of some legal or equitable right in Personal Property as security for the payment of money or performance of some other act. Chattel mortgages have generally been superseded by other types of Secured Transactions under the Uniform Commercial Code (UCC), a body of law adopted by the states that governs commercial transactions. The rights of the lender who gives a.
Are you new to the world of commercial car loans? Are you thinking to finance your car or vehicle on chattel mortgage? Read what are the benefits of chattel mortgage and its features from Savvy.
