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.
Chattel mortgages can be considered and used as additional collateral.
Two other legal ingredients of enterprise found in statutes in the period were chattel mortgages and mechanics' liens.