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chattel mortgage

   Also found in: Dictionary/thesaurus, Legal, Wikipedia 0.06 sec.
Chattel Mortgage
A term used when describing a mobile or manufactured home mortgage. Specifically when the home is not financed with the land.

Notes:
These homes are commonly found in communities or parks.

See also: Mortage
Chattel Mortgage
A loan agreement that grants to the lender a lien on property other than real estate. Chattel is personal or movable property.
chattel mortgage
A mortgage loan using personal property such as automobiles, paintings, inventories, or real estate leases, but not real estate ownership, as security.
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