What is the difference between a pledge and a lien?

If the pledgor does not repay the debt, the pledgee is entitled to sell the pledged asset and use the proceeds to satisfy the debt. A lien is a creditor's right to retain possession of a debtor's property until the debt has been repaid, while a contractual lien normally extends by way of contract between the parties.

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Chattel Mortgage on Mobile Home

Chattel Mortgage Form With 2 Points In North Carolina

Category:

Loans and Lending - Chattel Mortgages

State:

Multi-State

Control #:

US-0007BG

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Instant download

Description

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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If the pledgor does not repay the debt, the pledgee is entitled to sell the pledged asset and use the proceeds to satisfy the debt. A lien is a creditor's right to retain possession of a debtor's property until the debt has been repaid, while a contractual lien normally extends by way of contract between the parties.

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.

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You may contact a real estate attorney for assistance. The North Carolina Bar Association offers a Lawyer Referral Service.Prior ownership interest in a manufactured home, which is not permanently fixed to a foundation and was not taxed as real estate is acceptable. Interest in real estate located in the State of North. A real estate "closing" is the final step in the transaction. Under the standard form Offer to Purchase and. Certify and register copies. You may "complete the fields and save your data" in these forms using Adobe Reader 7 or higher. Download the free Adobe Reader. Examples of a Chattel Mortgage.

Chattel Mortgage Form With 2 Points In North Carolina

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What is the difference between a pledge and a lien?

What is the difference between a pledge and a chattel mortgage?

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