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.
Two other legal ingredients of enterprise found in statutes in the period were chattel mortgages and mechanics' liens.
Besides, the hold-out was only pro-forma because all the loans were fully secured by vehicle chattel mortgages the borrowers assigned to the bank.