A more thorough explanation:

Definition: Title retention is a type of lien that is similar to a chattel mortgage. It is used to secure payment of a loan that was given to purchase a specific item. The lender retains the title to the item until the loan is fully paid off.

Example: Let's say that you want to buy a car, but you don't have enough money to pay for it upfront. You could take out a loan from a bank or other lender to cover the cost of the car. In this case, the lender would use title retention to secure the loan. This means that the lender would hold onto the title to the car until you have paid off the loan in full. Once the loan is paid off, the lender would release the title to you.

Another example: A business owner needs to purchase a new piece of equipment for their company. They don't have enough cash on hand to buy the equipment outright, so they take out a loan from a lender. The lender uses title retention to secure the loan, which means that they hold onto the title to the equipment until the loan is paid off. Once the loan is paid off, the business owner would receive the title to the equipment.

These examples illustrate how title retention works to secure a loan for a specific item. The lender holds onto the title to the item until the loan is fully paid off, which ensures that they have some form of collateral in case the borrower defaults on the loan.