A chattel mortgage is a loan arrangement in which an item of movable personal property is used as security for the loan regardless of its location. balloon note definition balloon note financial definition of Balloon note – A loan or bond in which the borrower makes only interest payments for a set period of time.
a movable article of personal property. Often chattels. any article of tangible property other than land, buildings, and other things annexed to land.
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 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 Chattel mortgages have generally been superseded by other types of Secured Transactions under the uniform commercial code (UCC), a body of law adopted by the states that governs commercial transactions.
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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.
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You may have come across chattel mortgage while shopping around for a car for your business. Learn what is a chattel mortgage and how it works. Savvy – What is a Chattel Mortgage and How Do They Work?
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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.