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Chattel mortgage, sometimes abbreviated CM, is the legal term for a type of loan contract used in some states with legal systems derived from English law. Under a typical chattel mortgage, the purchaser borrows funds for the purchase of movable personal property (the chattel ) from the lender.
A secured transaction is a loan or a credit transaction in which the lender acquires a security interest in ... chattel paper, payment intangibles, and promissory ...
Mortgages over personal property are often referred to as 'chattel mortgages', [1] and mortgages over intangible rights are often expressed to operate by way of assignment. [2] Separate statutory regimes also exist in relation to mortgages of ships under the Merchant Shipping Act 1995 and mortgages of aircraft and related parts under the Cape ...
A personal loan may also be cheaper than a chattel loan, an expensive type of financing used to buy mobile homes that aren’t considered real estate. 6 ways you can use a personal loan to buy a ...
When you buy a house, the mortgage for that property is based on the combined value of the land and the building on that land. But not all buildings can be valued with the underlying land. Mobile ...
Chattel mortgage; Nonconsensual liens typically arise by statute or by the operation of the common law. Those laws give a creditor the right to impose a lien on an item of real property or a chattel by the existence of the relationship of creditor and debtor. Those liens include:
Foreclosure of chattel mortgages (mortgage of movable property) are governed by Sec. 14 of Act No. 1506, which gives the mortgagee the right to sell the chattel at a public sale. It has also been held that as regards chattel mortgages, the law does not prohibit that the foreclosure sale be done privately if it is agreed upon by the parties. [49]
Personal loan. A personal loan is a fixed-interest loan that pays out a lump sum you can use for any purpose. You repay what you borrow with interest and fees, with loan amounts, rates and terms ...
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