Chattel Mortgage Form With Decimals In Travis
Category:
State:
Multi-State
County:
Travis
Control #:
US-0007BG
Format:
Word;
Rich Text
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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
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.
A chattel mortgage must adhere to a prescribed form and execution process: It must be signed by the mortgagor in the presence of two witnesses. An affidavit affirming the mortgage's purpose and validity must be included and signed by the parties involved. The affidavit must be certified by an authorized officer.