chattel mortgage
- 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
- In the past, a farmer could get a chattel mortgage to buy a tractor.
- A car financed through a loan would have been considered under a chattel mortgage.
- Chattel mortgage was commonly used for buying expensive goods like machinery.
Provide Feedback
