Chattel mortgage (sometimes abbreviated to CM) is the legal term for a type of loan contract used in some states which have adopted the English law concept. Under a chattel mortgage, the purchaser borrows funds for the purchase of movable personal property from the lender. The lender then secures the loan with a mortgage over the chattel. Legal ownership of the chattel is transferred to the purchaser at the time of purchase, and the mortgage is removed once the loan has been repaid.
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- Chattel mortgage (sometimes abbreviated to CM) is the legal term for a type of loan contract used in some states which have adopted the English law concept. Under a chattel mortgage, the purchaser borrows funds for the purchase of movable personal property from the lender. The lender then secures the loan with a mortgage over the chattel. Legal ownership of the chattel is transferred to the purchaser at the time of purchase, and the mortgage is removed once the loan has been repaid.
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- Chattel mortgage (sometimes abbreviated to CM) is the legal term for a type of loan contract used in some states which have adopted the English law concept. Under a chattel mortgage, the purchaser borrows funds for the purchase of movable personal property from the lender. The lender then secures the loan with a mortgage over the chattel. Legal ownership of the chattel is transferred to the purchaser at the time of purchase, and the mortgage is removed once the loan has been repaid.
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