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Chattel mortgage

Index Chattel mortgage

Chattel mortgage, sometimes abbreviated CM, is the legal term for a type of loan contract used in some states with legal systems derived from English law. [1]

24 relations: Australia, Australian Taxation Office, Basis of accounting, Business activity statement, Car, Closed-end leasing, Commercial vehicle, Companies Act 2006, Company, English law, Equity of redemption, Goods and services tax (Australia), Hire purchase, Jurisdiction (area), Lease, Mortgage law, Partnership, Personal property, Secured transaction, Security interest, Sole proprietorship, Stamp duty, Uniform Commercial Code, United States.

Australia

Australia, officially the Commonwealth of Australia, is a sovereign country comprising the mainland of the Australian continent, the island of Tasmania and numerous smaller islands.

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Australian Taxation Office

The Australian Taxation Office (ATO) is an Australian government statutory agency and the principal revenue collection body for the Australian government.

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Basis of accounting

A basis of accounting can be defined as the time various financial transactions are recorded.

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Business activity statement

The business activity statement (BAS) is a form submitted to the Australian Taxation Office by all businesses registered for GST to report their taxation obligations.

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Car

A car (or automobile) is a wheeled motor vehicle used for transportation.

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Closed-end leasing

Closed-end leasing is a contract-based system governed by law in the U.S. and Canada.

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Commercial vehicle

A commercial vehicle is any type of motor vehicle used for transporting goods or paying passengers.

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Companies Act 2006

The Companies Act 2006 (c 46) is an Act of the Parliament of the United Kingdom which forms the primary source of UK company law.

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Company

A company, abbreviated as co., is a legal entity made up of an association of people for carrying on a commercial or industrial enterprise.

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English law

English law is the common law legal system of England and Wales, comprising mainly criminal law and civil law, each branch having its own courts and procedures.

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Equity of redemption

The equity of redemption refers to the right of a mortgagor in law to redeem his or her property once the debt secured by the mortgage has been discharged.

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Goods and services tax (Australia)

The goods and services tax (GST) in Australia is a value added tax of 10% on most goods and services sales, with some exemptions (such as for certain food, healthcare and housing items) and concessions (including qualifying long term accommodation which is taxed at an effective rate of 5.5%).

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Hire purchase

A hire purchase (HP) or known as installment plan in the United States is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g. 40% of the total) and repays the balance of the price of the asset plus interest over a period of time.

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Jurisdiction (area)

A jurisdiction is an area with a set of laws under the control of a system of courts or government entity which are different from neighbouring areas.

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Lease

A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset.

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Mortgage law

A mortgage is a security interest in real property held by a lender as a security for a debt, usually a loan of money.

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Partnership

A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests.

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Personal property

Personal property is generally considered property that is movable, as opposed to real property or real estate.

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Secured transaction

Generally, a secured transaction is a loan or a credit transaction in which the lender acquires a security interest in collateral owned by the borrower and is entitled to foreclose on or repossess the collateral in the event of the borrower's default.

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Security interest

A security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the collateral) which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations.

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Sole proprietorship

A sole proprietorship, also known as the sole trader or simply a proprietorship, is a type of enterprise that is owned and run by one natural person and in which there is no legal distinction between the owner and the business entity.

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Stamp duty

Stamp duty is a tax that is levied on documents.

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Uniform Commercial Code

The Uniform Commercial Code (UCC), first published in 1952, is one of a number of uniform acts that have been put into law with the goal of harmonizing the law of sales and other commercial transactions across the United States of America (U.S.) through UCC adoption by all 50 states, the District of Columbia, and the U.S. territories.

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United States

The United States of America (USA), commonly known as the United States (U.S.) or America, is a federal republic composed of 50 states, a federal district, five major self-governing territories, and various possessions.

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References

[1] https://en.wikipedia.org/wiki/Chattel_mortgage

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