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LSDefine

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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18:39
Yeah I would delay as long as you have plausible deniability
TGM
18:40
I actually do have a transcript issue that registrar needs to resolve, should I say that
TGM
18:41
(Course marked as Incomplete that’s supposed to be removed)
TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
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Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
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windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
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Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
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windyMagician
19:27
stretches make me think it's just soreness
windyMagician
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I'm sober lol
Dkk
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Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
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