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.
(31) "electronic chattel paper" means chattel paper evidenced by a record or records consisting of information stored in an electronic medium. (32) "Encumbrance" means a right, other than an ownership interest, in real property. The term includes mortgages and other liens on real property.
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.
Mortgages are well known to individuals and some businessmen. It is one of the ways which businessmen use to acquire capital or additional capital. A chattel mortgage is a loan where a personal or.
Mortgage Contract Example When engaging in buying or selling property, you might have encountered mortgage contracts. Since a mortgage usually entails a loan of money, you may have to sign a contract. Like an Event Contract or any other kind of contract samples, a mortgage contract would bind you in an agreement with your lender.
5. When a lending institution states that your loan has a balloon payment clause, what does that mean? 6. define chattel mortgage. 7. What does collateral mean? 8. Is it financially safe to be a.
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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.
Chattel mortgage is a loan arrangement in which an item of movable personal property acts as security for a loan. The movable property, or chattel, guarantees the loan, and the lender holds an.
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 Chattel mortgages have generally been superseded by other types of Secured Transactions under the Uniform Commercial Code (UCC), a body of law adopted by the states that governs commercial transactions.
By the same logic, she, herself, would still be chattel. Not to mention that the impeachee is. to be defined as slaving for corporate America for 50 years to pay off a mortgage, get cancer and die..