chattel mortgage means: Lender may grant a lien to property that is not real-estate in a loan agreement. Chattel can be either personal or movable. (in Stock Market Dictionary)
What else does chattel mortgage mean?
- Mortgage using personal property movable rather than real estate to secure the loan (in Merlin Dictionary)
- N. An outmoded document that made a chattel personal asset and security for a loan amount. In most states, it has been replaced by a security arrangement. The form is identified in the Uniform Commercial Code (UCC-1). UCC-1 security agreement must be filed at a particular public agency, e.g. A state Secretary of State is required to safeguard buyers and lenders who are making loans that are secured by personal property. (in Legal Dictionary)