Personal Property Secured Transactions Act Article 15

Mortgage of personal property means a transaction in which mortgage rights over the personal property that secures a claim are created in favor of the mortgagee without transfer of possession of the property by the debtor or a third party, such that if the debtor fails to perform the contract, the mortgagee may take possession of the mortgaged property and may sell the property, and satisfaction of the mortgagee's claims from the sale proceeds shall have precedence over other claims.