A mortgage, the collateral for which is personal or movable property, as distinguished from a mortgage on land or buildings.
A Mortgage on personal property, given to secure a dept. typically used in the sale of a business or Mobile Homes.
Security interest taken by the mortgagee in personal property of the mortgagor. A pre-Uniform Commercial Code device.
A MORTGAGE GIVEN ON MOVEABLE POSSESSIONS, OR PERSONAL PROPERTY, THAT MAY BE REMOVED WITHOUT INJURY TO THE FREEHOLD ESTATE. GENERALLY IT IS A MORTGAGE OF PROPERTY OTHER THAN REAL ESTATE.
A mortgage given on chattels. Usually given as collateral security to a mortgage on real estate. As an example, a chattel mortgage on refrigerators and stoves in an apartment building.
A lien on personal property. Also called a security interest or financing statement.
a loan to buy some personal item; the item (or chattel) is security for the loan
a fixed charge over an asset other than freehold land
a loan against personal property
a loan secured by specific assets, usually items in inventory
a mortgage usually over personal chattels which includes goods, furniture, fixtures and other articles capable of complete transfer by delivery to the buyer of the goods
a security over chattels (that is, movable articles of property) held by the lender giving the lender recourse against the chattel in the event of default by the borrower
a type of fixed charge taken over identifiable and moveable assets such as plant and machinery
An instrument that makes personal property (chattels) security for a loan. In states that have adopted the Uniform Commercial Code, the chattel mortgage has been replaced by the security agreement.
A chattel mortgage is a type of loan. You borrow money and list chattels that you own as security for the loan. A chattel is anything you own like a TV, car, bed. This is called ‘mortgagingâ€(tm) things that you own to the person or company who lent it to you. If you do not pay the money back to the person or company who lent you the money as arranged they can take the chattels you listed. See also 'loan' and 'secured loan'.
A mortgage which is secured by personal property.
A loan that is certified by movable personal property such as a mobile or trailer home.
A written agreement giving a lender an interest in the personal property of a borrower to secure payment of an obligation. This is a term and form of an agreement utilized prior to the enactment of the Uniform Commercial Code.
A document evidencing debt that is secured by named personal property owned by the borrower.
An interest that is given by one person in, say, a piece of property such as a piano to another person to secure a debt.
A lien on a personal property that is used as collateral for a loan.
an interest in property (other than land), given to secure a debt.
A mortgage on personal property, given to secure a debt. Typically used in the sale of a business. Also called a security agreement.
A loan secured by personal property rather than real estate.
Using personal property to guarantee a promissory note.
A mortgaged personal property.
Same as Security Interest. Refer to Security Interest for definition. See: Resources
A document evidencing a debt owed by the borrower (mortgagor) to the lender (mortgagee). The mortgage is secured by the lender against personal property owned by the borrower as collateral to ensure the repayment of the debt. These mortgages are governed by the Personal Property Security Act.
Security for a debt or obligation in such form that upon failure of the mortgagor to comply with the terms of the contract, the property may pass to the mortgagee (creditor). In most areas replaced by Security Agreements under the Commercial Code, having substantially the same definition.
A debt secured against items of personal property rather than against land, buildings and fixtures.
An agreement between a secured party and a debtor creating a security interest in personal property.
A claim against personal property used to secure a promissory note.
When an interest is given on moveable property other than real property (in which case it is usually a " mortgage"), in writing, to guarantee the payment of a debt or the execution of some action. It automatically becomes void when the debt is paid or the action is executed.
A loan backed by movable personal property. It is seldom used anymore.
An obsolete name for a mortgage or security interest in personal property.