17 Chattel Mortgage With Power of Sale
Know all men by these presents, that I, A.B., in consideration of the sum of $________ paid by C.D., have bargained and sold, and by these presents do hereby sell and convey to said C.D. the following goods, and chattels, to-wit: (describe the articles mortgaged, or refer to them as the goods and chattels mentioned in the schedule hereto annexed), and which is now in my possession.
Whereas, the said A.B. is justly indebted to C.D. in the sum of $________, payable on the ____ day of ________, 19__, with interest at ten per cent from the ____ day of ________, 19__ (upon a promissory note of even date herewith, or for goods sold and delivered).
Now the condition of the above obligation is such that if the said A.B. shall well and truly pay said C.D. said sum of money and interest when the same shall become due, then this conveyance shall be void, otherwise to remain in full force and effect. It is also agreed that said A.B. may retain possession of the said mortgaged property until said debt becomes due. But if default be made in the payment of said sum or any part thereof, the said C.D. and his assigns are hereby authorized to sell said goods and chattels, or so much thereof as will be necessary to satisfy the amount then due, together with the costs and expenses incurred by reason of said default.
(Signed) A.B.
In the presence of E.F.