Chattel Mortgage - new document
This month we have added to our popular portfolio of Loan & Finance Documents with the addition of a Chattel Mortgage within our security templates. A chattel mortgage is a form of security where an item of moveable tangible property is used as security for a loan.
A chattel mortgage is a distinct form of security in that it takes a legal mortgage, fixed charge and related assignment over specifically identifiable assets.
We already have various security documents available to download, including an Indemnity Agreement, Security Agreement and a Debenture, but if you have a specific item or items of tangible moveable property that you want to use as security for a loan, for example plant, machinery, vehicles or even paintings, this Chattel Mortgage may be a more appropriate form of security arrangement.
As with all our security documents, the legal issues surrounding the taking of security can be complex and it is recommended that you consider seeking independent legal advice to ensure that any security arrangement you have in place is valid and enforceable.
The contents of this Newsletter are for reference purposes only and do not constitute legal advice. Independent legal advice should be sought in relation to any specific legal matter.