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chattel mortgage definition

an outmoded written document which made a chattel (tangible personal asset) security for a loan of a certain amount. It has been replaced in most states by a security agreement, the form of which is designated in a Uniform Commercial Code as UCC-1. UCC-1 security agreements must be filed with a specific public agency (e. g. a state Secretary of State) to protect buyers of the personal property and lenders making loans secured by the property.

See also UCC-1
 
 
 
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