The Chattel Mortgage Law defines chattel mortgage as ‘a conditional sale of personal property as security for the payment of a debt, or the performance of some other obligation specified therein, the condition being that the sale shall be void upon the seller paying to the purchaser a sum of money or doing some other act named.’
Chattel mortgages are loans that are used to buy cars and other items, such as commercial equipment. A chattel mortgage consists of the chattel (the car) and the mortgage (the loan that must be paid back).
“security” means a security as defined in the Securities Transfer Act, 2006; (” valeur.. (i) a chattel mortgage, conditional sale, equipment trust, debenture, floating.
Chattel mortgages are a common type of secured transaction monitored and regulated by federal and state governments. It is a type of loan which takes place when a person wants to borrow money to.
What is a Chattel Mortgage? A chattel mortgage is a form of financing that can be used to purchase or refinance a manufactured home that’s not permanently attached to land. For example, chattel mortgages can be used to finance the purchase of manufactured homes that are placed in land-lease.
chattel mortgage A mortgage loan using personal property such as automobiles, paintings, inventories, or real estate leases, but not real estate ownership, as security. A security interest in tangible personal property.
Manufactured and Mobile Home Loans-Chattel or Standard Home Loan?. The APR on chattel loans averages about 1.5% higher than mortgage loans.
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“conveyance” includes a mortgage, lease, assent, transfer, disclaimer, release and any other. “household chattels” has the meaning assigned by section 9 (7);.
chattel mortgage TheLaw.com Law Dictionary & Black’s Law Dictionary 2nd Ed. An instrument of sale of personalty conveying the title of the property to the mortgagee with terms of defeasance; and, if the terms of redemption are not complied with, then, at common law, the title becomes absolute in the mortgagee, Means v.
You may have come across chattel mortgage while shopping around for a car for your business. Learn what is a chattel mortgage and how it works. Savvy – What is a Chattel Mortgage and How Do They Work?