chattel mortgage

Definition of "chattel mortgage"
  1. A former term for an agreement where a personal belonging acts as security for a loan intended to purchase that item, similar to a house mortgage but involves non-real estate objects
How to use "chattel mortgage" in a sentence
  1. In the past, a farmer could get a chattel mortgage to buy a tractor.
  2. A car financed through a loan would have been considered under a chattel mortgage.
  3. Chattel mortgage was commonly used for buying expensive goods like machinery.

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