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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.
In common law it is possible to place a mortgage upon real property. Such a mortgage requires payment, or the owner of the mortgage can seek foreclosure. Personal property can often be secured with a similar kind of device, variously called a chattel mortgage, a trust receipt, or a security interest.
A mortgage is a legal instrument of the common law which is used to create a security interest in real property held by a lender as a security for a debt, usually a mortgage loan. Hypothec is the corresponding term in civil law jurisdictions, albeit with a wider sense, as it also covers non-possessory lien .
Obtaining a mortgage loan means dealing with a lot of paperwork, from the documents you have to submit to documents you have to read and sign. More often than not, you're dealing with terms and ...
According to Omotola the bill of sale is "a form of legal mortgage of chattels". Bullen and Leake and Jacobs define a bill of sale as "a document transferring a proprietary interest in personal chattels from one individual (the 'grantor') to another (the 'grantee'), without possession being delivered to the grantee".
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 ...
Mortgage bankers are often confused with mortgage brokers, but they’re very different. A mortgage banker is tied to one financial institution, while a mortgage broker works independently of lenders.
Similarly, a chattel mortgage granted to allow a person to purchase a trailer home could be lost if the trailer is later attached to real property. The law regarding fixtures can also cause many problems with property held under a lease. Fixtures put in place by the tenant belong to the landlord if the tenant is evicted from the property. This ...