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chattel mortgage

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chattel mortgage

n.

A mortgage using movable personal property rather than real estate as security.

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Noun

1.

chattel mortgage - a loan to buy some personal item; the item (or chattel) is security for the loan

mortgage - a conditional conveyance of property as security for the repayment of a loan

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By giving a chattel mortgage on their growing wheat, they borrowed enough, at twenty per cent, to buy seed corn and a plow.

Dust by Haldeman, Julius Mr. and Mrs. View in context

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