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 Mortgage Form Format In North Carolina

Category:

Loans and Lending - Chattel Mortgages

State:

Multi-State

Control #:

US-0007BG

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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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435. AN ACT TO PROVIDE SAFE ROADS BY REQUIRING MANDATORY JAIL TERMS FOR GROSSLY AGGRAVATED DRUNKEN DRIVERS, PROVIDING AN EFFECTIVE DETERRENT TO REDUCE THE INCIDENCE OF IMPAIRED DRIVING, AND CLARIFYING THE STATUTES RELATED TO DRINKING AND DRIVING.

The NC SAFE Act requires licensure or registration for individuals and companies who engage in the mortgage business or process and underwrite mortgage loans, unless an exemption applies.

The SAFE Act regulation provides an exception to the MLO registration requirements for any employee of a covered financial institution who has never been registered or licensed through the Registry as an MLO if during the past 12 months the employee acted as an MLO for five or fewer residential mortgage loans.

The traditional mortgage is only for stationary property. It's suited for long-term real estate investments. Chattel loans are for property that can be easily moved. They're also an option for borrowers who want their loans approved faster and with shorter repayment times.

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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North Carolina specific forms are available below. The forms are downloadable in Adobe Acrobat "PDF" format, unless otherwise indicated.Legal Description: (Complete ALL applicable). These sample forms are provided as general information and are not designed to be and should not be relied on as legal advice. North Carolina Housing Finance Agency (NCHFA) program. North Carolina Chattel Mortgage Act provided for filing where the debtor lived. Similar to the Virginia act, the North Carolina. That the MORTGAGOR is indebted unto the MORTGAGEE in the sum of (Amount in.

Chattel Mortgage Form Format In North Carolina

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