What does Chattel Mortgage mean? Read on to discover the definition & meaning of the term Chattel Mortgage - to help you better understand the language used in insurance policies.
A chattel mortgage is a loan arrangement in which the borrower temporarily transfers ownership of a property to the lender in order to secure a loan. Once the borrower repays the loan fully, they regain ownership of the property.
We hope the you have a better understanding of the meaning of Chattel Mortgage.