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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Louis Joerger even executed a chattel mortgage with Jesse Carter, presumably to help pay legal expenses.
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.
He and his team also advise on compliance and prepare banking documents such as facility letters, debentures and guarantees as well as dealing with less common forms of security such as chattel mortgages, charges over securities and security from trusts.