Chattel Mortgage Form With Affidavit Of Good Faith In Bronx
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The Bottom Line Chattel mortgages are a little-known but potentially good option if you're looking to finance a manufactured home or heavy equipment. These loans are smaller than conventional loans and tend to have higher rates, but they have shorter terms and quicker payoffs.
Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.
AFFIDAVIT OF GOOD FAITH. We, the undersigned MORTGAGOR and MORTGAGEE, severally swear that the foregoing mortgage is made for the purpose of securing the obligation specified in the conditions thereof, and for no other purpose, and that the same is just and valid obligation and not entered into the purpose of fraud.
A form of security interest, typically a legal mortgage, taken over tangible movable property (known as chattels).
By chattel mortgage, personal property is recorded in the Chattel Mortgage Register as a security for the performance of an obligation. If the movable, instead of being recorded, is delivered to the creditor or a third person, the contract is a pledge and not a chattel mortgage.