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.
Besides, the hold-out was only pro-forma because all the loans were fully secured by vehicle chattel mortgages the borrowers assigned to the bank.
Financing companies are allowed to engage in direct lending or by discounting commercial papers, buying and selling contracts and leases chattel mortgages.