chattel mortgage

Defined in 4 dictionaries — Case Law, Cyclopedic (1922), Ballentine's (1916), Black's (1910)

Definitions from Case Law

From 81 U.S. 244 - Gibson v. Warden · 1871Most cited · 69 citing opinions

A chattel mortgage is only a bill of sale with a defeasance incorporated in it.

The Cyclopedic Law Dictionary

Walter A. Shumaker and George Foster Longsdorf; ed. James C. Cahill · 1922

At common law, a sale of a chattel on a condition subsequent, upon performance of which the title revests in the mortgagor, and upon breach of Xyhich the mortgagee's title becomes absolute. thereof, constitutes the security. 87 N. Y. 209; 37 Mich. 484. It differs from a vendor's lien in that a lienor has no title to the property. 23 Ohio St. 114; 40 Me. 412. It differs from a sale wherein the title is retained by the seller until the performance of some condition, in that no title passes from the debtor to the creditor, but the creditor simply retains a title which the debtor never had. 88 111. 447; 16 Ind. 380. It differs from a sale with a right of repurchase in that the latter transaction is not a security for an obligation. It differs from an assignment for the benefit of creditors, which is not a security, but implies an absolute appropriation of the property to the payment of the indebtedness. Hammon, Chat. Mortg. §§ 1-7. CHAUD-MEDLEY (Fr. chaud). The killing of a person in the heat of an affray. It is distinguished by Blackstone from chance-medley, an accidental homicide. 3 BI. Comm. 184. The distinction is said to be, however, of no great importance. 1 Russ. Crimes, 660. Chance-medley is said to be the killing in self-defense, such as happens on a sudden reencounter, as distinguished from an accidental homicide. Id.

Ballentine's Law Dictionary

James A. Ballentine · 1916

A mortgage of personal property. See 137 Am. St. Rep. 472, note.

Black's Law Dictionary

Henry Campbell Black, M.A. · 1910

An instrument of sale of personalty conveying the title of the property to the mortgagee with terms of defeasance; and, lf the terms of redemption are not complied with, then, at common law, the title becomes absolute in the mortgagee. 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 mortgagce. Thomas, Mortg. 427. An absolute pledge, to bacome an absolute interest if not redcemed 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. § 1. Alferitz v. Ingalls (0. Ct) 83 Fed. 964; People v. Remington, 59 Hun, 282, 12 N. Y. Supp. 824, 14 N. Y. Supp. 98; Allen v. Steiger, 17 Colo. 562, 31 Pac. 226. A chattel mortgage is a conditional transfer or conveyance of the property itself. The chief distinctions between it and a pledge are that in the latter the title, even after condition broken, does not pas9 to the pledgee, who has only a lien on the property, but remains in the pledgeor, who has the right to redeem the property at any time before its sale. Besides, the possession of the property must, in all cases, accompany the pledge, and, at a sale thereof by the pledgee to satisfy his demand, he cannot become the purchaser ; while by a chattel mortgage the title of the mortgagee becomes absolute at law, on the default of the mortgagor, and it is not essential to the validity of the instrument that possession of the property shouid be delivered, and, on the foreclosure of the mortgage, the mortgagee is at liberty to become the purchaser. Mitchell v. Roberts (C. C.) 17 Fed. 778; Campbell v. Parker, 22 N. Y. Super. Ct. 322; People v. Remington, 59 Hun, 282, 12 N. Y. Supp. 824, 14 N. Y. Supp. 98; McCoy v. Lassiter, 95 N. C. 91; Wright v. Ross, 36 Cal. 414; Thurber v. Oliver (G. C.) 26 Fed. 224; Thompson v. Dolliver, 132 Mass. 103; Lobban v. Garnett, 9 Dana (Ky.) 389. The material distinction between a pledge and a mortgage of chattels is that a mortgage is a conveyance of the legal title upon condition, and it becomes absolute in law if not redeemed by a given time ; a pledge is a deposit of goods, redeemable on certain terms, either with or without a fixed period for redemption. In pledge, the general property does not pass, as in the case of mortgage, and the pawnee has only a special property in the thing deposited. The pawnee must choose between two remedies,—a bill in chancery for a judicial sale under a decree of foreclosure, or a sale without judicial process, on the refusal of the debtor to redeem, after reasonable notice to do so. Evans v. Darlington, 5 Blackf. (Ind.) 320. In a conditional sale the purchaser has merely a right to repurchase, and no debt or obligation exists on the part of the vendor; this distinguishes such a sale from a mortgage. Weathers-ly v. Weathersly, 40 Miss. 462, 90 Am. Dec. 344.