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Define Chattel Mortgage

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chattel mortgage – a loan to buy some personal item; the item (or chattel) is security for the loan

Chattel mortgage. A form of security interest, typically a legal mortgage, taken over tangible movable property (known as chattels ). Legal title to the chattel (or chattels) is transferred to the mortgagee (typically the lender) on the condition that such title will be transferred back to the mortgagor (who may be the borrower or a third party).

The legal definition of Chattel Mortgage is When an interest is given on moveable property other than real property (in which case it is usually a ‘mortgage’), in writing, to guarantee the payment of a debt or the execution of some action.

chattel mortgage definition: nounA mortgage using movable personal property rather than real estate as security..

Definition: Chattel mortgage is a loan extended to an individual or a company on a movable property. Here, the ‘chattel’ or the movable personal property which could be a car or a mobile home can be used as a security to extend the loan.

There is a mortgage or a lease AND. 2. You have “defaulted” on the loan agreement (for example, failed to make repayments, failed to keep the goods insured.

On the ground, apart from its unparalleled quick processing turnaround time commitments, the branches were able to offer added incentives to eligible borrowers in the form of free 1st year comprehensive insurance, chattel mortgage fees and gas allowance for auto loans; and free appliance packages for home loans.

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About 68 percent of all manufactured-housing purchase loans met the definition of a "higher-priced mortgage loan," meant to identify a set of loans that could be considered subprime. "Chattel loans.

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The bookkeeping behind an asset purchase via a Chattel Mortgage. A Chattel Mortgage is a typ e of loan typically used to purchase motor vehicles or other major business equipment. It is called a “mortgage” because the financier retains the title of the item purchased until the final payment is received.

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