Meaning of CHATTEL MORTGAGE in English

CHATTEL MORTGAGE

When an interest is given on moveable property other than real property (in which case it is usually a " mortgage "), in writing, to guarantee the payment of a debt or the execution of some action. It automatically becomes void when the debt is paid or the action is executed.

Duhaime's Law English dictionary.      Английский юридический словарь Duhaime .