Define Chattel Mortgage

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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 mortgage definition: a mortgage on movable personal property | Meaning, pronunciation, translations and examples

Who we come from doesn’t define us. We define ourselves by our. A chattel mortgage, also known as a secured transaction, is a loan that can be obtained from a bank or financial institution using some sort of movable personal property-possessions other than land, buildings, or any permanent fixture-as security.

chattel mortgage: Lien on the personal and movable property of a borrower, instead of on land or building. Chattel mortgage is used often in the credit (hire purchase) sale of automobiles or big-ticket household appliances.

Definition of mortgage. 1. : a conveyance (see conveyance 2a) of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms. took out a mortgage in order to buy the house.

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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.

If QE3 lasts that long, the Feds will be printing at least another $800 billion to buy mortgage-backed securities. of raising taxes to pay for increased federal debts). That is the definition of.

Chattel mortgage is a loan arrangement in which an item of movable personal property acts as security for a loan. The movable property, or chattel, guarantees the loan, and the lender holds an.

The Act uses the definition of "Mortgage assistance relief service" found in the federal. statute 87.202 regarding statements of account for foreclosures of liens on chattel. The amendments to ORS.

If you have a significant concern over prior violations, there is a court decision referred to as the “chattel shipping” case which essentially. such as whether you have a mortgage on the unit, the.