What is CHATTEL MORTGAGE? Definition of CHATTEL MORTGAGE in Black's Law Dictionary - Legal dictionary - Glossary of legal terms.
A mortgage on chattels. O'Connor v. Hassett, 207 Iowa, 155, 222 N.W. 530. A transfer of some legal or equitable right in personal property or creation of a lien thereon as security for payment of money or performance of some other act, Miller v. Eagle, Star & British Dominions Ins. Co., Limited, of London, England, United States Branch, New York, 146 S.C. 123, 143 S.E. 663, 666; Columbia Cas. Co. v. Sodini, 159 Kan. 478, 156 P.2d 524, 528; Anglo American Mill Co. v. First Nat. Bank, 76 Colo. 57, 230 P. 118, 120; subject to defeasance on performance of the conditions. Personal Finance Co. of Providence v. Henley Kimball Co., R.I., 1 A.2d 121, 124, 117 A.L. R. 1476; Thomas, Mortg. 427.
An instrument of sale of personalty conveying title td mortgagee with terms of defeasance; and, if the terms of redemption are not complied with, then, at common law, the title becomes absolute. Stewart v. Slater, 6 Duer ( N. Y.) 99; In re Packard Press, C.C.A.N.Y., 5 F.2d 633, 635. A bill of sale with a defeasance clause incorporated in it. Monongahela Ins. Co. v. Batson, 111 Ark. 167, 163 S.W. 510, 511; Bank of Dillon v. Murchison, C.C.A.4, 213 F. 147, 151.
An absolute pledge, to become an absolute interest if not redeemed at a fixed time. Cortelyou v. Lansing, 2 Caines, Cas., N.Y., 200, per Kent, Ch.
A conditional sale of chattel as security for debt or performance of some other obligation. Jones, Chat. Mortg. § 1. Allen v. Steiger, 17 Colo. 552, 31 P. 226; Adler, Salzman & Adler v. Ammerman Furniture Co., 100 Conn. 223, 123 A. 268, 269.
A pledge is distinguished from a chattel mortgage in that in a mortgage, the title is transferred; in a pledge, the possession. Jones, Mortg. § 4; Security Trust Co. v. Edwards, 90 N.J.Law, 558, 101 A. 384, 385, L.R.A.1917F, 273; Thompson v. Dollivdr, 132 Mass. 103; Thoen v. First Nat. Bank, 199 Minn. 47, 271 N.W. 111, 113; In pledge, the pawnee has only a special property in the thing deposited. Evans v. Darlington, 5 Blackf., Ind., 320.
A conditional sale is distinguished from a chattel mortgage in that the purchaser has merely a right to purchase, and no debt or obligation exists on the part of the vendor. Weathersly v. Weathersly, 40 Miss. 462, 90 Am.Dec. 344; Gomez v. Kamping, 4 Daly, N.Y., 77. In mortgage, title passes; in conditional sale possession is transferred and title retained. Kettwig v. Aero Inv. Co., 191 Minn. 500, 254 N.W. 629.
More On This Topic : CLAIM OF OWNERSHIP, RIGHT AND TITLE
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