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Simple English definitions for legal terms

chattel mortgage

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A quick definition of chattel mortgage:

A chattel mortgage is a type of loan where the borrower puts up movable personal property, like a car or machine, as collateral. This means that if the borrower fails to repay the loan, the lender can take possession of the property. Nowadays, this type of loan is called a "security agreement" and is regulated by the Uniform Commercial Code.

A more thorough explanation:

Chattel Mortgage is an old-fashioned term that refers to a type of loan where the borrower puts up movable personal property, like a car or machinery, as collateral for the loan. The lender holds an interest in the property until the loan is paid off.

Today, these types of loans are called "security agreements" and are governed by Article 9 of the Uniform Commercial Code.

Let's say you want to buy a new car but don't have enough money to pay for it upfront. You could take out a chattel mortgage, using the car as collateral for the loan. The lender would hold an interest in the car until you paid off the loan.

Another example could be a business owner taking out a loan to buy new machinery for their factory. The machinery would be used as collateral for the loan, and the lender would hold an interest in it until the loan was paid off.

These examples illustrate how chattel mortgages work by using movable personal property as collateral for a loan.

chattel | chattel paper

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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