What is chattel mortgage ?

A chattel-mortgage occurs when the slave is worth more than the debt for which he is being used in trade.

The deed of myself from Freeman to Ford, as I ascertained from the public records in New-Orleans on my return, was dated June 23d, 1841. At the time of my sale to Tibeats, the price agreed to be given for me being more than the debt, Ford took a chattel mortgage of four hundred dollars. I am indebted for my life, as will hereafter be seen, to that mortgage.