A mortgage on personal property is termed a?

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A mortgage on personal property is referred to as a chattel mortgage. This term specifically applies to loans secured by personal property rather than real estate. In a chattel mortgage, the borrower retains possession of the personal property while the lender has a security interest in it. If the borrower defaults on the loan, the lender may take possession of the property.

In the context of the other options, a fixed rate mortgage typically refers to a loan secured by real estate, where the interest rate remains constant throughout the life of the loan. A home equity mortgage is also related to real estate, enabling homeowners to borrow against the equity they have built up in their home. A payday loan is a short-term, high-interest loan, often used to cover urgent expenses, and is not specifically related to mortgage terminology. Therefore, a chattel mortgage is the appropriate choice for describing a mortgage on personal property.