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Definitions from WordNet

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Chattel Mortgage

Description:

A chattel mortgage is a legal agreement where movable personal property, known as chattel, is used as security for a loan. It involves the transfer of ownership of the chattel to the lender, which is conditional upon the borrower's repayment of the loan.

Senses/Usages:

1. Financial Sense:

• Noun: A type of loan that uses movable personal property as collateral.
• Sample Sentence: The farmer obtained a chattel mortgage to finance the purchase of new farming equipment.

2. Legal Sense:

• Noun: A legal agreement where tangible movable property serves as security for a loan.
• Sample Sentence: The business owner signed a chattel mortgage on their company's vehicles to secure a business loan.

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