ɪf ðə tʃˈæɾəl mˈɔːɹɡɪdʒ dʌznˌɑːt mˈiːt ðə stˈætʃətˌoːɹi ɹᵻkwˈaɪɚmənts fɚɹə lˈiːɡəl mˈɔːɹɡɪdʒ ɪt mˈeɪ nˌɛvɚðəlˈɛs biː ɹˌiːkˈæɹɪktɚɹˌaɪzd æz ɐn ˈɛkwɪɾəbəl mˈɔːɹɡɪdʒ ɔːɹ fˈɪkst ɔːɹ flˈoʊɾɪŋ tʃˈɑːɹdʒ.
(If the chattel mortgage does not meet the statutory requirements for a legal mortgage it may nevertheless be re-characterised as an equitable mortgage or fixed or floating charge.)