ADMS 2610 Lecture Notes - Lecture 9: Fee Simple, Affidavit, Chattel Mortgage
2 May 2017
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A creditor that may look to particular assets of the debtor to ensure payment of the debt. Takes a security interest in assets of the debtor. A creditor who does not take a security interest in the assets of the debtor. Taki(cid:374)g a(cid:374) i(cid:374)te(cid:396)est i(cid:374) the pe(cid:396)so(cid:374)al p(cid:396)ope(cid:396)t(cid:455) of the de(cid:271)to(cid:396) to se(cid:272)u(cid:396)e the de(cid:271)to(cid:396)"s obligation to pay. Moveable property, personal property as opposed to real property (land) Possession: not always practical and debtor often requires the property. Transfer an interest in the goods: creditor takes an interest in the goods as a secured creditor. As the requirement for credit expanded so did the variety of legal instruments. A lien exercisable by a worker, contractor, or material supplier against property upon which the work or materials were expended. Main forms: chattel mortgage, conditional-sale agreement, bill of sale, used in both commercial and consumer transactions.
