Chattel Form Paper With Lines In Illinois
Category:
State:
Multi-State
Control #:
US-0007BG
Format:
Word;
Rich Text
Instant download
Description
The Chattel Form Paper with lines in Illinois is a legal instrument used to create a chattel mortgage specifically for mobile homes. This mortgage allows the Mortgagor to secure a loan using their mobile home as collateral, ensuring the Mortgagee has a claim on the property until the debt is satisfied. Key features of this form include sections for detailing the loan amounts, payment schedules, and terms regarding collateral ownership and insurance requirements. Users must fill in specific information such as names, addresses, and monetary values. It is crucial to ensure clarity and accuracy when completing this form, with all parties signing in the presence of a notary for legal verification. The form is particularly suited for Attorneys, Partners, Owners, Associates, Paralegals, and Legal Assistants who may assist clients in financing mobile homes. Its utility includes facilitating quick transactions, ensuring legality in property claims, and providing a clear understanding of obligations and rights regarding the collateral. This makes it an essential tool in real estate and financial transactions involving movable properties.
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FAQ
Chattel Contract means a Contract that is not secured by a mortgage on real estate on which the related Manufactured Home is situated, and which Manufactured Home is not considered or classified as part of the real estate under the laws of the jurisdiction in which it is located.
The purpose of a chattel mortgage is to secure financing for moveable property or chattel. Chattel mortgages can be used to finance vehicles, mobile homes, and even heavy equipment like tractors.
