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 ?
At present, we provide either conventional or chattel mortgage financing to approximately 50% of Palm Harbor's homebuyers.
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.
The promo includes free chattel mortgage, three-year LTO registration and one year comprehensive insurance.
Dela Cruz said other assets in the IMA trust account, including a chattel mortgage for P500 million and 300 million shares of Wellex, may likewise be sold if the proceeds from the sale of the Waterfront shares were not enough.
Besides, the hold-out was only pro-forma because all the loans were fully secured by vehicle chattel mortgages the borrowers assigned to the bank.