Ads
related to: chattel mortgage explained
Search results
Results From The WOW.Com Content Network
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 chattel loan, otherwise known as a chattel mortgage, is a form of secured property loan that applies only to movable assets. As with all loans in this category, the lender receives an interest ...
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]
Mortgage; 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:
However, mortgages against chattels must be registered in the province-wide registry set up under the Personal Property Security Act. In the case of a trailer home, whether it is a fixture or chattel has a bearing on whether a real property mortgage applies to the trailer.
This arrangement helped the Redditor pay off his mortgage in four years and helped them purchase a second home. Many students treat college like a job, so they leave at 8 am and come back at ...
A mortgage statement is a document containing the latest details about your loan, including your monthly payment. The law requires your mortgage lender or servicer to send you statements for each ...
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 ...