chattel mortgage


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chattel mortgage

A security interest in a chattel as collateral for the payment of a loan.
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chattels secured by a Commercial Business Mortgage (such as goods) should be existing and identified and cannot be changed after the perfection of the mortgage, but the chattels secured by a Chattel Mortgage may include future chattels and are to be identified at the time of enforcement.
68) Joerger was so adamant that he would not yield to PG&E that when Bank of America sued him for repayment of a chattel mortgage and simultaneously began foreclosure proceedings due to nonpayment of his Shasta County ranch's mortgage, Joerger still would not sell the property or any of its water rights to the power company to pay his debts.
Please note that these rules do not apply to alimony or maintenance payments, secured obligations such as moneys owing on a land or chattel mortgage or on security agreements and other limited exceptions.
Equipment loans (secured with a chattel mortgage and the personal guarantee of principals) have been available on terms of five-seven years, and an interest rate higher than on real estate loans.
The security is a chattel mortgage over the lease and an assignment of the lease rentals (generally, no charge is taken over the equipment subject to the lease).