Hello, thank you for taking the time to post your question!
A chattel mortgage differs from a traditional mortgage based on the type of underlying property that is used as collateral. In a chattel mortgage, the personal property is movable … meaning things like cars or equipment. The term has largely been replaced with expressions like “secured loan” or “asset finance” in modern usage.
I hope that helps get you moving in the right direction! Feel free to reach out if you have any additional questions beyond that :)
