Which of the following types of mortgages would likely secure a loan on a boat?

The correct answer is chattel, as chattel mortgages are specifically designed for securing loans on movable personal property, which includes boats, cars, and other types of personal assets. When a chattel mortgage is taken out, it allows the borrower to use the asset while the lender retains a security interest in the property until the loan is paid off. This type of mortgage is particularly suitable for items that can be easily transported and are not fixed to a location.

Equitable mortgages do not serve the purpose here, as they often relate to interests in real property rather than personal property like boats. Legal mortgages, while they typically secure real estate transactions, do not apply to movable personal property. Collateral is a broader term that refers to any asset pledged as security for a loan but is not a type of mortgage itself. In the context of securing a loan specifically for personal property such as a boat, chattel is the most appropriate and accurate choice.