Dictionary of Accounting Terms: chattel mortgage
chattel mortgage
mortgage on personal (as opposed to real) property.
Dictionary of Business Terms: chattel mortgage
chattel mortgage
mortgage on personal property created to secure the payment of money owed or the performance of some other obligation. This security device has for the most part been replaced by the security agreements available under the Uniform Commercial Code (UCC)
Dictionary of Finance and Investment Terms: chattel mortgage
chattel mortgage
a mortgage loan collateralized by personal property other than physical real estate, such as automobiles, inventories, furniture, or real estate leases.
Dictionary of Real Estate Terms: chattel mortgage
chattel mortgage
a pledge of personal property as security for a debt
Example: Abel borrows money against his automobile; the lender grants a chattel mortgage.
