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Define Chattel Mortgage

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What is a Chattel Mortgage? A chattel mortgage is a form of financing that can be used to purchase or refinance a manufactured home that’s not permanently attached to land. For example, chattel mortgages can be used to finance the purchase of manufactured homes that are placed in land-lease.

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Chattel definition, a movable article of personal property. See more.

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.

What does chattel mortgage mean? chattel mortgage is defined by the lexicographers at Oxford Dictionaries as A mortgage on a movable item of property.

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 Chattel mortgages have generally been superseded by other types of Secured Transactions under the Uniform Commercial Code (UCC), a body of law adopted by the states that governs commercial transactions.

A chattel mortgage is different from a traditional mortgage that you might have for a house, mainly because it is aimed at other types of property, like a car or a business, and that you must put up property as collateral.

: a mortgage having an interest rate which is usually initially lower than that of a mortgage with a fixed rate but which is adjusted periodically according to an index (as the cost of funds to the lender)

The Act uses the definition of "Mortgage Assistance Relief Service" found in the federal. statute 87.202 regarding statements of account for foreclosures of liens on chattel. The amendments to ORS.

A chattel mortgage, also known as a secured transaction, is a loan that can be obtained from a bank or financial institution using some sort of movable personal property-possessions other than.

Definition of ‘Chattel Mortgage’ 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.

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Defendant Alfonso Violante leased a 1994 Lexus GS300 from Bob Ciasulli Lexus, who then assigned “all right, title, and interest in and to the Vehicle and [the] Lease” to respondent General Electric.