Chattel Mortgage Form Format In Kings

Category:

Loans and Lending - Chattel Mortgages

State:

Multi-State

County:

Kings

Control #:

US-0007BG

Format:

Instant download

Description

The Chattel Mortgage form format in Kings is designed for the mortgage of mobile homes, providing a structured outline for securing loans with movable property as collateral. Key features of this form include sections for identifying the mortgagor and mortgagee, outlining the loan amount, interest rates, and payment terms, which establish the financial agreement between the parties. Additionally, the form requires details about the collateral, ensuring that the mobile home is clearly described and accounted for. Users are guided to fill out specific sections, including the total amount secured, monthly payments, and insurance requirements, fostering transparency and clarity in the transaction process. Attorneys, partners, and legal professionals should leverage this form for securing financing while safeguarding the interests of their clients and ensuring compliance with state laws. Paralegals and legal assistants will find it crucial for organizing and processing mortgage agreements, assisting their teams efficiently. Overall, this form serves as an essential tool for all stakeholders involved in mobile home financing and provides a clear framework for legal obligations and protections.

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FAQ

A chattel mortgage shall not be valid against any person except the mortgagor, his executors or administrators, unless the possession of the property is delivered to and retained by the mortgagee or unless the mortgage is recorded in the office of the register of deeds of the province in which the mortgagor resides at ...

AFFIDAVIT OF GOOD FAITH. We, the undersigned MORTGAGOR and MORTGAGEE, severally swear that the foregoing mortgage is made for the purpose of securing the obligation specified in the conditions thereof, and for no other purpose, and that the same is just and valid obligation and not entered into the purpose of fraud.

LTO MEMORANDUM CIRCULAR NO. 17 of the said manual of operations provides that “In all dealings or transactions on motor vehicles, a chattel mortgage or release thereof shall first be registered with the office of the Register of Deeds before any registration transaction is effected.”

By chattel mortgage, personal property is recorded in the Chattel Mortgage Register as a security for the performance of an obligation. If the movable, instead of being recorded, is delivered to the creditor or a third person, the contract is a pledge and not a chattel mortgage.

The Chattel Mortgage Law in the Philippines establishes regulations and requirements for the mortgaging of personal property, including the delivery of possession to the mortgagee or registration with the Register of Deeds, with violations resulting in fines, imprisonment, or both.

The Bottom Line Chattel mortgages are a little-known but potentially good option if you're looking to finance a manufactured home or heavy equipment. These loans are smaller than conventional loans and tend to have higher rates, but they have shorter terms and quicker payoffs.