Is a mortgage chattel paper?

The se- curity or lease interest is embodied in a writing which evidences the debt. This writing constitutes the "chattel paper," which may consist of a conditional sales contract, a chattel mortgage, a security agreement or a chattel lease,2 with or without an accompanying negotiable instru- ment.

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Chattel Mortgage on Mobile Home

Chattel Form Paper With Axis In Allegheny

Category:

Loans and Lending - Chattel Mortgages

State:

Multi-State

County:

Allegheny

Control #:

US-0007BG

Format:

Instant download

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A chattel mortgage is a term used to describe a loan arrangement in which an item of movable personal property is used as security for the loan.

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The se- curity or lease interest is embodied in a writing which evidences the debt. This writing constitutes the "chattel paper," which may consist of a conditional sales contract, a chattel mortgage, a security agreement or a chattel lease,2 with or without an accompanying negotiable instru- ment.

Chattel paper refers to a document used in secured transactions to sell property on credit while retaining some interest in the property.

Chattel is personal property that is movable between locations, as opposed to real property, which has a fixed location. Common examples include mobile homes, furniture, and automobiles. This article explains what chattel is and how it is used as security in chattel mortgages.

Chattel property law is defined as any property that is not land or physical items that belong to the land. Chattel is movable goods and land cannot be moved. A house would not be considered chattel property because it is attached to the land.

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Chattel Form Paper With Axis In Allegheny

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Is a mortgage chattel paper?

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