Chattel Mortgage Form With Two Points In Kings

State:
Multi-State
County:
Kings
Control #:
US-0007BG
Format:
Word; 
Rich Text
Instant download

Description

A chattel mortgage is a term used to describe a loan arrangement in which an item of movable personal property is used as security for the loan.
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FAQ

Locate the property's legal description: This can be located on the County Assessor's Office eReal Property site or Parcel Viewer. The legal description may state if the property is subject to easement. If it does, the easement recording number(s) may be stated.

Locate the property's legal description: This can be located on the County Assessor's Office eReal Property site or Parcel Viewer. The legal description may state if the property is subject to easement. If it does, the easement recording number(s) may be stated.

Deed: The deed to the property contains the most authoritative legal description. This document is recorded with the local county office and serves as proof of ownership.

If you want to review the legal description of a property you own or are interested in purchasing but don't have the deed on hand, you can search the public records. A copy of the deed and other real estate documents known as recording instruments are kept at the recorder's office where the property is located.

Your best bet to finding the legal description is to locate the deed to the property in the public record. You can visit your county clerk of the court's website or office to find the deed. Most counties have this information online, and you can search by address, owner name, or parcel number.

A form of security interest, typically a legal mortgage, taken over tangible movable property (known as chattels).

Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.

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.

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.”

More info

Create a document that outlines the agreement, including the type and amount of loan, the assets included in the mortgaged, and the terms of the agreement. A chattel mortgage is a loan used to purchase an item of movable personal property, such as a vehicle, which then serves as security for the loan.Basically, a chattel mortgage involves a borrower pledging their money in the form of a loan to own an asset. In this case, the Borrower undertakes to execute a new Chattel Mortgage document to cover the substitute collateral. Chattel is tangible personal property that is movable between locations, as opposed to immovable property such as real estate. Learn the definition of a chattel mortgage and examine its difference from traditional mortgages. Chattel loans finance some manufactured homes and other movable pieces of property. A chattel mortgage may be an option when a traditional mortgage is not. A chattel loan, otherwise known as a chattel mortgage, is a form of secured property loan that applies only to movable assets. 1026.2 is part of 12 CFR Part 1026 (Regulation Z). Regulation Z protects people when they use consumer credit.

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Chattel Mortgage Form With Two Points In Kings