Chattel mortgage

ID: chattel-mortgage

Chattel mortgage by Wikipedia Bot 0
A chattel mortgage is a type of secured loan agreement in which personal property (referred to as "chattel") is used as collateral to obtain financing. In this arrangement, the borrower retains possession of the chattel but the lender has a legal claim to it until the loan is paid off. If the borrower defaults on the loan, the lender has the right to repossess the chattel.

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