GMGT 2060 Lecture Notes - Lecture 52: Chattel Mortgage

• School: University of Manitoba
• Department: General Management
• Course: GMGT 2060
• Professor: Alok Dua

Document Summary

Secured transactions: some assurance by the debtor that the debts will be paid or recovered against certain assets of the debtor. That is if the debtor does not pay the creditor will have the ability to seize property to satisfy the debt beyond the normal ability to seize property pursuant to a court judgment. Usually faster and more direct than getting a court judgment: all about security for debt, secured creditors have primary right to the collateral, over that of general or unsecured creditors, different types, 1. Examples: 1) personality, conditional sales contract the seller retains an interest or actually titled to the goods. Generally it means that the transfer of the title to the buyer is conditional to the buyer along completion upon scheduled periods.