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.
all common and preferred shares issued by the Company held by OSP Investimentos SA in chattel mortgage to certain ODB creditors.
RA 11057 is considered a landmark law as it simplified and harmonized the Chattel Mortgage law of 1906 and other fragmented and outdated financing regulations in the country by enabling borrowers to secure financing using non-traditional collateral such as account receivables, inventory, warehouse receipts, crops, livestock, machinery and equipment.
For loan amounts of P500,000 and up, with a minimum term of 36 months, applicants will get free comprehensive car insurance, free chattel mortgage fee, lower interest rates, and gas cards worth P1,500.
In a statement, BFSB said that for loan amounts of P500,000 and up, with a minimum term of 36 months, loan applicants during the auto show would get free comprehensive car insurance, free chattel mortgage fee, lower interest rates on loans and gas cards worth P1,500.
He added that the businesses are small ventures and that the vehicles were acquired through a chattel mortgage, hence, unnecessary to be included in the SALNs.
The products take away the hassle in processing required paper work upon maturity of auto loans, cancellation of chattel mortgage, cancellation of real-estate mortgage, or payment of annual real property taxes.
The fact that the Chattel Mortgage was not registered as a bill of sale and that it failed to comply with the Bills of Sale (1878) Amendment Act 1882 which thereby rendered it void and unenforceable did not entitle Mrs Bassano to keep the money loaned to her.