Define Chattel Mortgage
Chattel mortgage fee is what you pay the bank in exchange for getting a secured loan. Most auto loans in the Philippines are secured, meaning.
What does chattel mortgage mean? chattel mortgage is defined by the lexicographers at Oxford Dictionaries as A mortgage on a movable item of property.
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Chattel mortgage, sometimes abbreviated CM, is the legal term for a type of loan contract used in some states with legal systems derived from English law. Under a typical chattel mortgage , the purchaser borrows funds for the purchase of movable personal property (the chattel) from the lender. A mortgage involving personal property rather than.
Product application of market covers in report, and it defines Banks Credit Unions, Mortgage Lenders & Brokers and Others. Essentially, the report covers various market status of Loan Origination.
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Chattel mortgage definition, a mortgage on household, movable, or other personal property. See more.
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A chattel mortgage is a loan in which the borrower uses a movable personal property as security. The term chattel mortgage has slightly different meanings across the world. In one country it may refer to a car loan. In other countries, on the other hand, people use it for any loan without using freehold land as security.
Chattel Mortgage. A transfer of some legal or equitable right in Personal Property as security for the payment of money or performance of some other act. Chattel mortgages have generally been superseded by other types of Secured Transactions under the Uniform Commercial Code (UCC), a body of law adopted by the states that governs commercial transactions.
Or do you say, “I am a mortgage officer at such and such bank. He understands, that titles do not define a person but what they do each day does. That took me some time to understand.
Chattel definition, a movable article of personal property. See more.
Chattel mortgage definition: a mortgage on movable personal property | Meaning, pronunciation, translations and examples