PROMISSORY NOTE WITH CHATTEL MORTGAGE FOR VALUE RECEIVED, the undersigned, BORROWER/MORTGAGOR and SPOUSE/CO-MAKER, jointly and severally, promised to pay to the order of _____(the “LENDER/MORTGAGEE”) at its office, particulars herein below mentioned: PN No. By a chattel mortgage, personal property is recorded in the Chattel Mortgage Register as a security for the performance of an obligation. Chattel Mortgage refers to a contract by virtue, which involves recording the personal property in the Chattel Mortgage Register as security for the performance of an obligation. We're part of Translated, so if you ever need professional translation services, then go checkout our main site, Usage Frequency: 1, Usage Frequency: 2. Chattel mortgage. LOAN AGREEMENT . Usage Frequency: 1 It is required if the debtor has to retain the property. — A chattel mortgage shall not be valid against any person except the mortgagor, his executors or administrators, unless the possession of the property is delivered to and retained by the mortgagee or unless the mortgage is recorded in the office of the register of deeds of the province in which the mortgagor resides at the time of making the same, or, if he resides without the Philippine Islands, in the province in which the property is situated: Provided, however, That if the property is situated in a different province from that in which the mortgagor resides, the mortgage shall be recorded in the office of the register of deeds of both the province in which the mortgagor resides and that in which the property is situated, and for the purposes of this Act the city of Manila shall be deemed to be a province. A form of security interest, typically a legal mortgage, taken over tangible movable property (known as chattels). 2140. Usage Frequency: 2 Usage Frequency: 2 It is required if the debtor has to retain the property. Quality: Quality: Quality: Chattel Mortgage. Quality: Do you need an attorney in Manila, Quezon City, Cebu, Davao or somewhere in the Provinces? Sec. Chaste to Chattel This dictionary contains English, Spanish and Tagalog words from the early 20th century, quite a few of which are obsolete. kahulugan ng repaid. "(If the mortgage is given for the performance of some other obligation aside from the payment of promissory notes, describe correctly but concisely the obligation to be performed.).
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