{"id":11830,"date":"2018-01-04T22:20:06","date_gmt":"2018-01-04T22:20:06","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=11830"},"modified":"2018-01-04T22:22:44","modified_gmt":"2018-01-04T22:22:44","slug":"chattel-mortgage-an-instrument-which-conveys-a-mortgage-on-personal-property-on-installment-whereby-the-seller-transfers-title-to-the-buyer-but-retains-a-lien-securing-the-unpaid-balance","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=11830","title":{"rendered":"Chattel Mortgage – an instrument which conveys a mortgage on personal property on installment, whereby the seller transfers title to the buyer but retains a lien securing the unpaid balance"},"content":{"rendered":"

\u00a0\u00a0\u00a0\u00a0 This page is continued from Property<\/a> >>>> Personal Property<\/a> >>>> Movable Property<\/a> >>>> Chattel<\/a>:<\/strong><\/span><\/p>\n

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chattel mortgage<\/span>:<\/span><\/strong>
\n(1841)<\/span><\/p>\n

1. A mortgage on goods purchased on installment, whereby the seller transfers title to the buyer but retains a lien securing the unpaid balance.\u00a0 *\u00a0 Chattel mortgages have generally been replaced by security agreements, which are governed by Article 9 of the UCC<\/a>.\u00a0<\/strong>
\nCf. retail installment contract<\/em> under CONTRACT. [1]<\/span><\/p>\n

1. An instrument whereby an owner transfers title to, or creates a lien upon, personal property as security for the performance of an act, which is usually the payment of money, with the title or lien subject to\u00a0 defeasance upon performance.\u00a0 15 Am J2d Chat Mtg \u00a7 1<\/span>; more summarily defined, with accuracy, under the law of some jurisdictions, as a bill of sale with a defeasance clause.\u00a0 15 Am J2d Chat Mtg \u00a7 1<\/span>. <\/span><\/strong><\/p>\n

Constituting an interest in the mortgaged property.\u00a0 Moody v Shuffleton<\/em>, 203 Cal 100, 262 P 1095<\/span>.<\/strong> [2]<\/span><\/p>\n

1. A mortgage on personal property<\/a>.\u00a0 Prior to the Uniform Commercial Code, a chattel mortgage was the preferred form of agreement for creating a security interest in goods.<\/strong> <\/span>
\n\u00a0\u00a0\u00a0\u00a0 See secured transaction<\/em>; security agreement<\/em>. [3]<\/span><\/p>\n

References:<\/span><\/span><\/strong><\/p>\n

Disclaimer:<\/span><\/span><\/strong> All material throughout this website is compiled in accordance with Fair Use<\/a><\/span><\/strong>.<\/strong><\/p>\n

[1]: Black\u2019s Law Dictionary\u00a0Deluxe Tenth Edition\u00a0by Henry Campbell Black & Editor in Chief Bryan A. Garner<\/a>. ISBN: 978-0-314-62130-6<\/span><\/strong><\/p>\n

[2]: Ballantine\u2019s Law Dictionary\u00a0<\/a><\/span><\/strong>with Pronunciations
\n<\/span><\/em>Third Edition<\/span><\/strong><\/a>\u00a0by James A. Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Edited by William S. Anderson.\u00a0\u00a0\u00a9 1969 by THE LAWYER\u2019S CO-OPERATIVE PUBLISHING COMPANY.\u00a0 Library of Congress Catalog Card No. 68-30931<\/span><\/strong><\/p>\n

[3]: Ballantine’s Law Dictionary <\/a><\/span><\/strong>Legal Assistant Edition<\/span><\/a><\/em>
\nby Jack Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Doctored<\/span><\/a><\/strong>\u00a0<\/span><\/em>by\u00a0Jack G. Handler,\u00a0J.D.<\/a>\u00a0\u00a9 1994 Delmar by Thomson Learning.\u00a0 ISBN 0-8273-4874-6.<\/span><\/strong><\/p>\n

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