chattel mortgage


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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.

chattel mortgage

A security interest in tangible personal property.

References in periodicals archive ?
Equipment loans (secured with a chattel mortgage and the personal guarantee of principals) have been available on terms of five-seven years, and an interest rate higher than on real estate loans.
The security is a chattel mortgage over the lease and an assignment of the lease rentals (generally, no charge is taken over the equipment subject to the lease).
The securitization consists of asset-backed certificates secured by a portfolio of chattel mortgage and land-and-home mortgage loans originated and serviced by CountryPlace Mortgage.