Chattel Mortgage Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Chattel Mortgage, written in plain English, along with examples of how it is used.
What is Chattel Mortgage?
Chattel refers to all the personal asset which is not a freehold. It can range from book, pencil, pen, shirt etc. Any document which induces a legal right into such personal tangible asset that can be used as a security or mortgage towards a loan is known as Chattel mortageg. These days it has been well replaced for the purpose of well being of the lender.