Chattel Mortgage

A claimNotice to an insurer that under the terms of a policy, a loss maybe covered. on personal propertyProperty that is not real is personal. Identifiable portable and tangible objects, e.g., furnishings, (instead of real propertyThe type of property ascribed to real estate investments, such as houses, land, buildings, retail stores, malls, etc.) used to secure or guarantee a promissory noteThis document represents the legal, contractual obligation of the debtor. The principal, interest rate,. (See definition of Security AgreementAn agreement between the secured party and the debtor which creates the security interest. (Uniform Commercial Code.) and Security InterestThe creditor's right to take property or a portion of property offered as security..)

Chattel mortgage

A lienWhen a borrower fails to satisfy a debt, the lender may claim ownership of tangible property the borrower on personal propertyProperty that is not real is personal. Identifiable portable and tangible objects, e.g., furnishings, that is not permanently attached; something other than real estateThe physical parcel of land and all improvements permanently attached. An identified parcel or tract.

Chattel mortgage

A pledgeThe depositing of personal property by a debtor with a creditor as security for a debt or engagement. of personal propertyProperty that is not real is personal. Identifiable portable and tangible objects, e.g., furnishings, as securityThe property that will be pledged as collateral for a loan. for a debtThat which is due from one person or another; obligation, liability.. Also calledAnother term for exercised when an option is a call. In the case of an option on a physical, the writer a security interestThe creditor's right to take property or a portion of property offered as security. or financing statementThe instrument which is filed in order to give public notice of the security interest and thereby protect. For this surveyThe process by which boundaries are measured and land areas are determined; usually performed by a land surveyor., not a mortgageIncludes all forms of debt for which real property, that is, land and/or buildings, is given as security..