Chattel Mortgage Law & Legal Definition
A charrel mortgage is a mortgage that provides for a security interest in assets other than real estate to secure the loan. In the event of a default in payments, the lender has a lien in the assets used as collateral for the loan.
In most states, a security agreement has replaced the use of chattel mortgages. Most states use a security agreement whose form is designated in a Uniform Commercial Code as UCC-1. UCC-1 security agreements must be filed with a specific public agency to give public notice of the security interest and protect the rights of buyers of the personal property and lenders making loans secured by the property.
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