This is a document given by the debtor to the creditor as a security when chattels are used as collateral .The document constitutes evidence of the chattels mortgage. The debtor retains possession and ownership of the security but under the terms of the letter, the creditor is entitled to confiscate and sell the security in the event to the default by the debtor. The document must be executed by the arties and attested to by at least one witness if not, if, only binds the parties thereto.

KASNEB Revision kits and past papers with answers

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