A chattel mortgage is an instrument that gives lenders title to movable personal property in the event of default.

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A chattel mortgage is a type of secured loan where the borrower puts up movable personal property as collateral. In the event of default, the lender has the right to take possession of and sell the property to recover their losses. The lender holds title to the property until the loan is fully repaid.

A Chattel Mortgage Is an Instrument That Gives Lenders Title