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This document serves as a chattel mortgage with note, detailing the loan agreement and property conditions in North Carolina, 1923. It includes the rights of the lender.
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A chattel mortgage with note is a loan agreement that secures the loan with personal property as collateral, typically accompanied by a written note that outlines the terms of the loan.
The borrower who takes out the loan secured by the personal property is required to file the chattel mortgage with note.
To fill out a chattel mortgage with note, one must provide information such as the names of the parties, a description of the property, the amount of the loan, interest rates, and the payment schedule.
The purpose of a chattel mortgage with note is to provide lenders with security interests in personal property while allowing borrowers to obtain financing without losing possession of the asset.
The information that must be reported includes the identities of the borrower and lender, a detailed description of the collateral, loan amount, terms of repayment, and any applicable interest rates.
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