chattel mortgage

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Chattel Mortgage is an antiquated term for a mortgage on movable personal goods such as a machinery or vehicle (as opposed to real estate) where the lender holds an interest in the property as security/collateral for the loan. Today these arrangements are referred to as "security agreements" and are governed by Article 9 of the Uniform Commercial Code.   

[Last updated in December of 2021 by the Wex Definitions Team]