Retail Installment Contract

Generally, a contract consisting of a promissory note and achattel mortgage, 143 N.E. 2d 824, 826; a contract whereby the seller retains title to, or a security or property interest in, goods purchased by a buyer who is obligated to make periodic payments for the goods. In some states, the term also includes certain types of leases. 353 N.Y.S. 2d 217, 219. See installment contract.