Define Chattel Mortgage

Define Chattel Mortgage

chattel mortgage A mortgage loan using personal property such as automobiles, paintings, inventories, or real estate leases, but not real estate ownership, as security. A security interest in tangible personal property.

The definition of chattel refers to all personal property (things you own other than real estate). An example of chattel is your furniture and car. YourDictionary definition and usage example.

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.

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Definition of chattel mortgage in the 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.

They sent a lawyer to retrieve him, equipped with Solomon’s proof of freedom. A chattel mortgage is used when one person sells property to another person, but the buyer does not have the full payment.

chattel personal an item of movable personal property, such as furniture, domestic animals, etc chattel real an interest in land less than a freehold, such as a lease goods and chattels personal property

A chattel mortgage is a loan arrangement in which an item of movable personal property is used as security for the loan regardless of its location. Chattel mortgage definition, a mortgage on household, movable, or other personal property. See more.

Mortgage definition is – a conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms. How to use mortgage in a sentence.

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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.

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