Chattel Mortgage

Last Updated: Jun 6, 2019

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A form of chattel paper by which a borrower (mortgager) gives a lender (mortgagee) a lien on a movable piece of personal property as security for payment on an obligation. The borrower continues to own and may use the property. The lien is removed when the obligation is fully satisfied. A common example would be the financing of a mobile home that is on leased land.