Chattel Form Paper With Axis In Virginia
Category:
State:
Multi-State
Control #:
US-0007BG
Format:
Word;
Rich Text
Instant download
Description
The Chattel Mortgage on Mobile Home is a legal document used in Virginia to secure a loan with a mobile home as collateral. It formally binds the Mortgagor, the borrower, to repay the specified amount to the Mortgagee, the lender, according to agreed terms outlined within the document. Key features include detailing the collateral, the amount borrowed, interest rates, repayment schedule, and terms of default. Users need to carefully fill in specific information such as names, addresses, amounts, dates, and any additional terms before executing the document. It is essential for users to ensure all agreements comply with Virginia law, particularly regarding chattel mortgages. This document can be utilized by attorneys to prepare loan agreements, while partners and owners may use it to secure financing for mobile home purchases. Paralegals and legal assistants can assist in drafting and reviewing the document to ensure accuracy and compliance with legal standards. Overall, this form serves as a vital tool for anyone seeking to borrow against a mobile home in Virginia.
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FAQ
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 property is personal property that can be moved around. 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.
