American_Bankers_Association
CTFA · Question #311
It is a mortgage on personal property given as a security for the payment of an obligation.
The correct answer is A. Chattel mortgage. See the full explanation below for the reasoning.
Fiduciary and Trust Activities
Question
It is a mortgage on personal property given as a security for the payment of an obligation.
Options
- AChattel mortgage
- BLien
- CCollateral note
- DLoan application
How the community answered
(32 responses)- A81% (26)
- B3% (1)
- C13% (4)
- D3% (1)
Topics
#chattel mortgage#personal property#secured debt#collateral
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