Chattel Form Paper With Picture Box In Virginia
Category:
State:
Multi-State
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
Non-Transferable Assets: Assets that are legally restricted from being transferred, such as government benefits, social security payments, or certain insurance policies, cannot be used as collateral since they cannot be seized or sold.
The fixture filing, while still a UCC filing, differs in its recording location. This type of filing should be recorded in the real property records at “the office designated for the filing or recording of a record of a mortgage on the related real property,” as outlined in UCC Article 9, Section 501.
Chattel paper refers to a document used in secured transactions to sell property on credit while retaining some interest in the property.