What Is the Difference Between a Chattel Mortgage and a Conditional

question 15

Multiple Choice

What is the difference between a chattel mortgage and a conditional sale contract?

• A)In a conditional sale contract the security is the property sold,whereas a chattel mortgage can have as security any chattels.
• B)A chattel mortgage must be registered to affect third parties,whereas a conditional sale agreement does not need to be registered to affect third parties.
• C)If there is default under a conditional sale contract,the seller can seize the goods and sue the buyer for any deficiency,whereas under a chattel mortgage the chattel mortgagee can only seize the goods.
• D)A conditional sale is a personal obligation of the buyer,whereas a chattel mortgage does not bind the chattel mortgagor personally.
• E)none of the above

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