Chattel Mortgage Form Format In Collin

Category:

Loans and Lending - Chattel Mortgages

State:

Multi-State

County:

Collin

Control #:

US-0007BG

Format:

Instant download

Description

The Chattel Mortgage form format in Collin is a legal document that allows a mortgagor to secure a loan using a mobile home as collateral. It includes essential details such as the names and addresses of both the mortgagor and mortgagee, the description of the mobile home, and the terms of the loan, including the amount, interest rate, and payment schedule. Users must fill in various fields, including monetary values, dates, and personal information accurately to ensure the document is valid. Key features of the form include terms regarding ownership, encumbrances, insurance requirements, and stipulations on the sale or transfer of the collateral. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who require a structured agreement to protect the interests of the lender while providing clarity on the obligations of the borrower. It assists legal professionals in maintaining compliance with applicable laws and protecting their clients' rights. Additionally, users are instructed on the need for notarization to validate the agreement, ensuring that it is recognized within the legal framework of Collin.

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FAQ

A chattel mortgage shall not be valid against any person except the mortgagor, his executors or administrators, unless the possession of the property is delivered to and retained by the mortgagee or unless the mortgage is recorded in the office of the register of deeds of the province in which the mortgagor resides at ...

LTO MEMORANDUM CIRCULAR NO. 17 of the said manual of operations provides that “In all dealings or transactions on motor vehicles, a chattel mortgage or release thereof shall first be registered with the office of the Register of Deeds before any registration transaction is effected.”

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.

The Chattel Mortgage Law in the Philippines establishes regulations and requirements for the mortgaging of personal property, including the delivery of possession to the mortgagee or registration with the Register of Deeds, with violations resulting in fines, imprisonment, or both.

Removing the encumbered status of the car on the LTO Certificate of Registration (CR) is done at the LTO. It can't just be any LTO office. It has to be done at the originating LTO branch office (the office where it was originally registered), or the LTO office stated on the Certificate of Registration (CR).

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.