chattel mortgage


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chattel mortgage

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

chattel mortgage

n
(Law) US and Canadian a mortgage on movable personal property
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.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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References in classic literature ?
By giving a chattel mortgage on their growing wheat, they borrowed enough, at twenty per cent, to buy seed corn and a plow.
As part of their service offer, Macquarie Leasing will accept American Express for monthly payments for new commercial hire purchase, chattel mortgage and finance lease agreements.
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.