chattel mortgage

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  • noun

Words related to chattel mortgage

a loan to buy some personal item

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Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
References in periodicals archive ?
Chattel Mortgage: An agreement between a secured party and a debtor creating a security interest in personal property.
a Chattel Mortgage can only be granted over tangible assets such as manufacturing facilities and inventories, but a Commercial Business Mortgage can also be granted over intangible assets such as intellectual property rights which is secured by way of pledge under PRC law;
Nwobike argued that from the fact that the bank would rely on the offer letters during the hearing of the case, as part of the conditions to draw down the overdraft facility, the respondent presented its board resolution accepting the facility and executed an undated bill of sale, chattel mortgage, among others and subsequently drew down and fully utilised the facilities.
Louis Joerger even executed a chattel mortgage with Jesse Carter, presumably to help pay legal expenses.
in two or more installments over a period of time." The statute also says the definition "includes a security agreement, chattel mortgage, conditional sales contract, or other similar instrument."
The only difference is that a chattel mortgage pledges personal property as security for the loan instead of real estate.
Please note that these rules do not apply to alimony or maintenance payments, secured obligations such as moneys owing on a land or chattel mortgage or on security agreements and other limited exceptions.
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).
She explained that the law impacts the bank's business, in as much as there won't be chattel mortgage anymore.
Customers who buy a Foton vehicle through the all-in low downpayment deal will have their chattel mortgage fees, insurance with acts of nature, LTO registration plus floor matting, seat covers, and tint covered for free.