Chattel Mortgage Form With 2 Points In Utah

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

Description

The Chattel Mortgage form with 2 points in Utah is designed to secure the lending of money through a mobile home as collateral. This document outlines the terms of the mortgage, including the amount borrowed, interest rate, payment schedule, and specific responsibilities of the Mortgagor, such as insurance and maintenance of the collateral. It also states that the Collateral must remain free from any encumbrances and establishes that failure to comply with the conditions can lead to immediate action from the Mortgagee including seizure of the collateral. The form is especially useful for attorneys, partners, and legal assistants who assist clients in securing loans using personal property as collateral. They should ensure that all fields are completed accurately to avoid legal disputes. Paralegals and associates can benefit from understanding the rights and obligations of both parties as delineated in the form, enabling them to provide sound advice to clients while ensuring compliance with state laws. This document provides a clear framework for establishing a legal and binding agreement regarding personal property lending.
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FAQ

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 mortgage company may be a chartered bank, a credit union, a trust company or other financial institution providing mortgage loans.

Licensure required of person engaged in the business of residential mortgage loans. Except as provided in Subsection (1)(b), a person may not transact the business of residential mortgage loans without first obtaining a license under this chapter.

This rule governs judicial notice of an adjudicative fact only, not a legislative fact. (2) can be accurately and readily determined from sources whose accuracy cannot reasonably be questioned. (2) must take judicial notice if a party requests it and the court is supplied with the necessary information.

Contempt -- Action by court. If the court finds the person is guilty of the contempt, the court may impose a fine not exceeding $1,000, order the person incarcerated in the county jail not exceeding 30 days, or both.

License required. advertise or assume to act as a principal broker, associate broker, or a sales agent. offering for another person to buy, sell, lease, manage, or exchange real estate.

The transfer process entails several key steps: Complete Required Documents: Fill out all necessary forms accurately. Obtain Signatures: Ensure all parties involved sign the documents. Submit to County Recorder: File the documents with the local county recorder's office.

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Chattel Mortgage Form With 2 Points In Utah