Chattel Mortgage Form With Affidavit Of Good Faith In San Diego
Description
Form popularity
FAQ
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.
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.
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.”
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 ...
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.
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 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.
A subject-to mortgage is a real estate investing strategy where a buyer purchases a property while leaving the existing mortgage in place.