alexandriacolon7320 alexandriacolon7320

12-02-2020
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A debt backed by some physical asset other than land, such as machinery, equipment, or inventory, is termed ________.

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eooyibo123 eooyibo123

13-02-2020

Answer:

chattel mortgage loan

Explanation:

Chattel mortgage occurs when a purchaser borrows funds to buy moveable property from the lender. Similar to a secure car loan the lender will provide the funds for purchase of the property, and the purchaser will take ownership of it.

The lender then mortgages the property as security for the loan. When payment is complete the purchase will take full ownership of the property.

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