The chattel mortgage acts first arose in the southern mainland English-American colony of Virginia in 1643. Other colonies followed suit over the next 100 years. The function of the earliest chattel mortgage acts was not to legalize the transaction, but to declare it void if not registered, or...

Nonpossessory secured transactions evolved as a competitor to collusive judgments as a means to protect creditors from the loss of their investments in colonial America. A collusive judgment involved the debtor recognizing his debt before the court, while the creditor held equitable title to the...