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Chattel Mortgage

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Note: The item in a Chattel Mortgage can be anything movable of value. The example below is of a vehicle -its most common use today. You are free to copy, change or alter this legal document. It is however advised to consult with a lawyer before entering into any agreement or executing any legal document.

CHATTEL MORTGAGE

KNOW ALL MEN BY THESE PRESENTS:

I, (Name of Mortgagor) of legal age, single/married to ____________________ with postal address at ___________________________ hereinafter known as the MORTGAGOR, and ______________________________ of legal age, single/married to ______________________ with postal address at _______________________________ hereinafter known as the MORTGAGEE, witnesseth:

That the MORTGAGOR is indebted unto the MORTGAGEE in the sum of (Amount in Words) (000,000.00), Philippine Currency, receipt of which is acknowledged by the MORTGAGOR upon the signing of this instrument, payable within a period of _____ years, with interest thereon at the rate of (___) % per annum;

That for, and consideration of , this indebtedness, and to assure the performance of said obligation to pay, the MORTGAGOR hereby conveys by way of CHATTEL MORTGAGE unto the MORTGAGEE, his heirs and assigns, the following personality now in the possession of said MORTGAGOR

MAKE :	MOTOR NO. :
SERIES :	SERIAL/CHASSIS NO.:
TYPE OF BODY:	PLATE NO. :
YEAR MODEL :	FILE NO. :

That the condition of this obligation is that should the MORTGAGOR perform the obligation to pay the hereinabove cited indebtedness of (Amount in Words) (000,000.00) together with accrued interest thereon, this chattel mortgage shall at once become null and void and of no effect whatsoever, otherwise, it shall remain in full force and effect.

IN WITNESS WHEREOF, the parties have hereunto set their hands, this ____day of ____________ 20___ at ____ Philippines.

________________________ ___________________________

MORTGAGOR MORTGAGEE

IN THE PRESENCE OF:

__________________________ ___________________________

ACKNOWLEDGEMENT

Republic of the Philippines)
________________________ ) S.S

BEFORE ME, personally appeared:

            Name             CTC Number             Date/Place Issued

   (Name of Mortgagor)      10000000       Jan 01, __ / Quezon City
   (Name of Mortgagee)     10000000         Jan 11, __ / Las Pinas City

Known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged to me that the same is their free and voluntary act and deed.

WITNESS MY HAND AND SEAL, on the date and place first above written.

Notary Public

Doc. No._____;
Page No. _____;
Book No._____;
Series of 20___.

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Chattel Mortgage is a type of loan contract wherein a buyer or owner of a moveable property, usually a car or any type vehicle enters a Chattel Mortgage contract with interest for a period of time and is cancelled upon repayment of the loan.

Chattle Mortgage Sample