chattel mortgage


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chattel mortgage

A security interest in a chattel as collateral for the payment of a loan.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.
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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.
66, ibid.; Chattel mortgage, April 2, 1926, book 3, p.
The Chattel Mortgage Law defines chattel mortgage as 'a conditional sale of personal property as security for the payment of a debt, or the performance of some other obligation specified therein, the condition being that the sale shall be void upon the seller paying to the purchaser a sum of money or doing some other act named.'
According to the DOF, the landmark law simplified and harmonized the Chattel Mortgage law of 1906 and other fragmented and outdated financing regulations in the country by enabling borrowers to secure financing using nontraditional collateral, such as account receivables, inventory, warehouse receipts, crops, livestock, machinery and equipment.
Mon likewise claimed that he settled the chattel mortgage debt of Jay which was constituted over the house he built on Rey's land.
This is apart from exclusive offers and exciting freebies for the on-site applicants, which include free comprehensive insurance for the first year, free chattel mortgage fees and free Petron gas card.
An online chattel mortgage registration system is also in the works, he said.
These special deals are on top of the offers partner bank BPI Family Savings Bank has just for Volkswagen customers at MIAS: 1) Free 1st year comprehensive car insurance for loan amounts P500,000 and up with a minimum 36-month term; 2) Free chattel mortgage fee; 3) Free Petron fuel cards and; 4) Lowest interest rates.