In which type of mortgage is personal property utilized as security?

A chattel mortgage specifically involves personal property as security for the loan. In this arrangement, the borrower retains possession of the personal property while the lender has a security interest in it. This is different from real estate mortgages, which typically utilize real property (like land or buildings) as collateral.

Chattel mortgages are commonly used for movable assets, such as vehicles or equipment, making them particularly useful in financing situations involving personal property rather than immovable property. The lender's interest in the personal property secures the loan amount, which can help mitigate their risk.

Other types of mortgages may not focus on personal property or may address different legal and equitable aspects of financing. For instance, equitable mortgages may establish rights based on the fairness of the transaction, but do not specifically pertain to personal property. Legal mortgages relate to formal legal claims but do not distinguish between types of assets. Secured mortgages offer broader definitions that could apply to both real and personal property without specifying the type.