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.