This is a type of loan that is used to finance the purchase of personal property, such as a car or a boat. A chattel mortgage is similar to a traditional mortgage, in that it involves the use of the property as collateral for the loan. However, unlike a traditional mortgage, a chattel mortgage is typically used to finance the purchase of movable property rather than real estate.
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What does chattel mortgage mean?
Related terms
Implied Warranty of Habitability
Blanket Insurance Policy
Proceeds of Condemnation
Title
Title Company
Alley
Discount Points
U.S. Department. of Housing and Urban Development (HUD)
Acre
Blue Sky Laws
Title Risk
Step-Rate Mortgage
Open Space
Binder
Cpi and Market Rent Escalation (In a Lease)
Credit Report
Administrator
Wraparound Mortgage
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