Which term refers to a mortgage taken out on moveable personal property?

The correct term for a mortgage taken out on moveable personal property is a chattel mortgage. This type of mortgage allows a borrower to use personal property (such as vehicles, equipment, or other movable assets) as collateral for the loan. In a chattel mortgage arrangement, the lender retains a security interest in the personal property, but the borrower retains possession of the asset and can use it in their business or personal life.

This is different from a title mortgage, which typically refers to a loan secured by real property such as land or buildings, where ownership is formally transferred through the title. An equitable mortgage involves a borrower's intention to grant a security interest in real estate, but it may not involve a formal title transfer or documentation like traditional mortgages. A real property mortgage specifically pertains to real estate rather than personal property, thus distinguishing it from the correct answer.

Understanding the distinct characteristics of these different types of mortgages is vital for borrowers and lenders alike, as it helps determine the legal rights and obligations associated with the property being financed.