Define Chattel Mortgage
Chattel Paper means an obligation evidenced by monetary obligation and a security interest in specific goods. UCC 9-102(11). A security interest in an asset also creates a security interest in the.
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.
Chattel mortgages are loans that are used to buy cars and other items, such as commercial equipment. A chattel mortgage consists of the chattel (the car) and the mortgage (the loan that must be paid back). When the car is purchased, it becomes the property of either the person or company purchasing it.
A chattel mortgage is a loan arrangement in which an item of movable personal property acts as security for a loan. The movable property, or chattel, guarantees the loan, and the lender holds an.
46 S.W.3d at 242; Chase Manhattan Mortgage Corp. v. Cook, 141 S.W.3d 709, 715 (Tex. App.-Eastland, 2004, no pet.). IV. Discussion A. Did Boswell Commit a Trespass as a Matter of Law? Trespass to.
Chattel mortgage definition, a mortgage on household, movable, or other personal property. See more.
Definition: Chattel mortgage is a loan extended to an individual or a company on a movable property. Here, the ‘chattel’ or the movable personal property which could be a car or a mobile home can be used as a security to extend the loan.
Manufactured and Mobile Home Loans-Chattel or Standard Home Loan?. The APR on chattel loans averages about 1.5% higher than mortgage loans.
Mortgage definition is – a conveyance of or lien against property (as for securing a loan) that becomes. Definition of mortgage (Entry 2 of 2). chattel mortgage.
What Is A Balloon Payment? A balloon payment is an installment payment due at the end of a loan term. Such loans don’t amortize at the end of the term, but rather have a larger-than-usual payment required at the end.
chattel mortgage: Lien on the personal and movable property of a borrower, instead of on land or building. Chattel mortgage is used often in the credit (hire purchase) sale of automobiles or big-ticket household appliances.
Pursuing the case has cost Altamont $7,700 in attorney’s fees; he’s also assumed assorted marital debts, including mortgage payments. at a time when women were regarded as chattel, or their husband.
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