A chattel mortgage is a loan arrangement in which an item of movable personal property is used as security for the loan regardless of its location.
I celebrated holidays in a trailer. Don’t put it down, it was home. – But when manufactured home buyers do manage to get regular mortgages, the performance of those loans defies. Yet at least 80% of new manufactured homes are titled as chattel (personal property like.
New legislation requirements concerning estoppels – If you have a significant concern over prior violations, there is a court decision referred to as the “chattel shipping” case which essentially. such as whether you have a mortgage on the unit, the.
Chattel mortgage financial definition of chattel mortgage – 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.
Chattel mortgage – Wikipedia – 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.
Chattel Mortgage Law and Legal Definition | USLegal, Inc. – Chattel Mortgage Law and Legal Definition A chattel mortgage is a mortgage that provides for a security interest in assets other than real estate to secure the loan. In the event of a default in payments, the lender has a lien in the assets used as collateral for the loan.
Chattel Mortgage Definition – Duhaime.org – The legal definition of Chattel Mortgage is When an interest is given on moveable property other than real property (in which case it is usually a ‘mortgage’), in writing, to guarantee the payment of a debt or the execution of some action.
Chattel mortgages legal definition of chattel mortgages – Chattel Mortgage. A transfer of some legal or equitable right in Personal Property as security for the payment of money or performance of some other act. Chattel mortgages have generally been superseded by other types of Secured Transactions under the Uniform commercial code (ucc), a body of law adopted by the states that governs commercial transactions.
Definition of Chattel Mortgage | What is Chattel Mortgage. – Definition: Chattel mortgage is a loan extended to an individual or a company on a movable property. Here, the ‘chattel’ or the movable personal property which could be a car or a mobile home can be used as a security to extend the loan.