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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 ...
The word is a Law French term meaning "dead pledge," originally only referring to the Welsh mortgage (see below), but in the later Middle Ages was applied to all gages and reinterpreted by folk etymology to mean that the pledge ends (dies) either when the obligation is fulfilled or the property is taken through foreclosure. [1]
A company mortgage (Företagshypotek) is a particular Swedish collateral right, which replaced the company chattel pledge (Företagsinteckning) on January 1, 2009. A company or a (natural or legal) person that intends to run a business can pledge a company mortgage by registering a specific amount in the corporate mortgage register.
For homebuyers seeking home loans, there are varying reasons to opt for a bank or a mortgage company. Mortgage lenders vs. banks. Assessing and deciding which is best for you
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Mortgage insurance – Your monthly payment might also include a fee for private mortgage insurance (PMI). For a conventional loan, this type of insurance is required when a buyer makes a down ...
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]
A pledge is a bailment that conveys title to property owned by a debtor (the pledgor) to a creditor (the pledgee) to secure repayment for some debt or obligation and to the mutual benefit of both parties. [1] [2] The term is also used to denote the property which constitutes the security. [3] The pledge is a type of security interest.