Chattel mortgage

Chattel mortgage — the security instrument over movable property (vehicles, machinery, equipment, inventory) under the Chattel Mortgage Law (Act 1508): a notarized deed including the statutory affidavit of good faith, registered with the Registry of Deeds’ chattel registry — and, for vehicles, annotated with the LTO so the encumbrance rides the OR/CR and blocks clean transfer. Same logic as the REM one shelf down the asset ladder: unregistered, it binds only the parties; registered, it defeats third parties.

First used in: 4.5 · Private lending: being the bank