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Chattel mortgages in England and Wales are seen as a form of security interest (or "collateral") for lenders in certain financing scenarios. Individuals (broadly, non-incorporated legal persons) may give a chattel mortgage over their personal property; however, it must be in the statutory form prescribed by the Bills of Sale Act 1878 and the Bills of Sale Act (1878) Amendment Act 1882 for it ...
If the purpose was to enhance the land, the article is likely a fixture; if the article was affixed to enhance the use of the chattel itself, the article is likely a chattel. [2] Chattel property is converted into a fixture by the process of attachment. For example, if a piece of lumber sits in a lumber yard, it is a chattel.
mechanic's lien—also sometimes referred to as an artisan's lien, chattel lien, construction lien, labourer's lien, in various jurisdictions. mineral lien—a lien on working interest that secures payment for labor or materials expended by oilfield service companies. [25] mortgage lien—a lien on the mortgagor's property securing the mortgage.
The mortgage or deed of trust is the agreement between you and your mortgage lender to put the home up as collateral for the loan. “In layman’s terms, it gives the lender the right to ...
Personal property can often be secured with a similar kind of device, variously called a chattel mortgage, a trust receipt, or a security interest. In the United States, Article 9 of the Uniform Commercial Code governs the creation and enforcement of security interests in most (but not all) types of personal property.
The mortgage application process can take around 30 to 60 days on average, from having your purchase agreement signed through underwriting to closing on the home.