What does chattel mortgage mean?
Definitions for chattel mortgage
chat·tel mort·gage
This dictionary definitions page includes all the possible meanings, example usage and translations of the word chattel mortgage.
Princeton's WordNet
chattel mortgagenoun
a loan to buy some personal item; the item (or chattel) is security for the loan
Wikipedia
Chattel mortgage
Chattel mortgage, sometimes abbreviated CM, is the legal term for a type of loan contract used in some states with legal systems derived from English law. Under a typical chattel mortgage, the purchaser borrows funds for the purchase of movable personal property (the chattel) from the lender. The lender then secures the loan with a mortgage over the chattel. Legal ownership of the chattel is transferred to the purchaser at the time of purchase, and the mortgage is removed once the loan has been repaid. Chattel mortgages may have more particular characteristics in different jurisdictions.
ChatGPT
chattel mortgage
A chattel mortgage is a legal agreement in which an asset other than real estate, such as personal property or vehicles, is used as security for a loan. In this arrangement, the lender gains a security interest in the asset which can be taken and sold if the borrower fails to repay the loan as agreed. Despite the mortgage, the borrower retains possession and use of the chattel during the loan period, until a default occurs.
Wikidata
Chattel mortgage
Chattel mortgage, sometimes abbreviated CM, is the legal term for a type of loan contract used in some states with legal systems derived from English law. Under a typical chattel mortgage, the purchaser borrows funds for the purchase of movable personal property from the lender. The lender then secures the loan with a mortgage over the chattel. Legal ownership of the chattel is transferred to the purchaser at the time of purchase, and the mortgage is removed once the loan has been repaid. Chattel mortgages may have more particular characteristics in different jurisdictions.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of chattel mortgage in Chaldean Numerology is: 9
Pythagorean Numerology
The numerical value of chattel mortgage in Pythagorean Numerology is: 2
Translations for chattel mortgage
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- hipoteca mobiliariaSpanish
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"chattel mortgage." Definitions.net. STANDS4 LLC, 2024. Web. 26 Apr. 2024. <https://www.definitions.net/definition/chattel+mortgage>.
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