Definitions
There is 1 meaning of the phrase
Chattel Mortgage.
Chattel Mortgage - as a noun
A loan to buy some personal item; the item (or chattel) is security for the loan
Example Sentences
"He used a chattel mortgage to secure a loan for the purchase of his car."
"The farmer obtained a chattel mortgage on his livestock as collateral for the loan."
"The bank required a chattel mortgage on the equipment before granting the business loan."
"They agreed to use a chattel mortgage to finance the purchase of the expensive machinery."
"The company faced foreclosure when it failed to repay the chattel mortgage on its office furniture."
