An instrument of sale of personalty conveying the title of the property to the mortgagee with terms of defeasance; and, if the terms of redemption are not complied with, then, at common law , the title becomes absolute in the mort CHATTEL MORTGAGE 195 CHECK gagee. Means v. Montgomery (C. C.) 23 Fed. 421; Stewart v. Slater, 6 Duer (N. Y.) 99. A transfer of personal property as security for a debt or obligation in such form that, upon failure of the mortgagor to comply with the terms of the contract, the title to the property will be in the mortgagee. Thomas, Mortg. 427. An absolute pledge, to become an absolute interest if not redeemed at a fixed time. Cor- telyou v. Lansing, 2 Caines, Cas. (N. Y.) 200, per Kent, Ch. A conditional sale of a chattel as security for the payment of a debt or the performance of some other obligation. Jones, Chat. Mortg.
Black’s Law Online Dictionary
