{"id":11817,"date":"2018-01-04T19:41:42","date_gmt":"2018-01-04T19:41:42","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=11817"},"modified":"2018-01-04T21:48:22","modified_gmt":"2018-01-04T21:48:22","slug":"chattel-paper-a-writing-that-shows-both-a-monetary-obligation-and-a-security-interest-in-or-a-lease-of-specific-goods","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=11817","title":{"rendered":"Chattel Paper – a writing that shows both a monetary obligation and a security interest in or a lease of specific goods"},"content":{"rendered":"

\u00a0\u00a0\u00a0\u00a0 This page is continued from Property<\/a> >>>> Personal Property<\/a> >>>> Movable Property<\/a> >>>> Chattel<\/a>:<\/strong><\/span><\/p>\n

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chattel paper<\/span>:<\/span><\/strong>
\n(1935)<\/span><\/p>\n

1. A writing that shows both a monetary\u00a0obligation and a security interest in or a lease of specific goods. UCC \u00a7 9-102(a)(11)<\/a>.\u00a0 *\u00a0 Chattel paper is generally used in a consumer transaction when the consumer buys goods on credit.\u00a0 The consumer typically promises to pay for the goods by executing a promissory note, and the seller retains a security interest in the goods.\u00a0<\/strong> See SECURITY AGREEMENT, [1]
\n<\/span><\/p>\n

1. A writing or writings which evidence both a monetary obligation and a security interest in or a lease of specific goods.\u00a0 UCC \u00a7 9-105(1)(b)<\/a>.<\/strong> [2]<\/span><\/p>\n

1. As defined by the Uniform Commercial Code, a document that reflects both a debt and a security interest in specific goods.<\/span><\/strong>
\n\u00a0\u00a0\u00a0\u00a0 See secured transaction<\/em>. [3]<\/span><\/p>\n

\u00a0 \u00a0 \u00a0UCC \u00a7 9-102(a)(11)<\/a>\u00a0defines chattel paper<\/em> as:<\/strong><\/span><\/p>\n

\u00a0 \u00a0 \u00a0\u201c\u2018Chattel paper\u2019 means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. . . . The term does not include <\/span><\/strong><\/span><\/p>\n

(i) charters or other contracts involving the use or hire of a vessel or
\n(ii) records that evidence a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card. If a transaction is evidenced by records that include an instrument or series of instruments, the group of records taken together constitutes chattel paper.<\/span>\u201d<\/strong><\/span><\/p>\n

Various Forms of Chattel Paper:<\/span><\/strong><\/p>\n

electronic chattel paper<\/span><\/a> – chattel paper evidenced by a record or records consisting of information stored in an electronic medium and retrievable in perceivable form. UCC \u00a7 9-102(a)(31)<\/a>.<\/span><\/strong><\/p>\n

tangible chattel paper<\/span><\/a> – chattel paper evidenced by a record or records consisting of information inscribed on a tangible medium.\u00a0 UCC\u00a0\u00a7 9-120(a)(79)<\/a>.<\/strong><\/span><\/p>\n

References:<\/span><\/span><\/strong><\/p>\n

Disclaimer:<\/span><\/span><\/strong> All material throughout this website is compiled in accordance with Fair Use<\/a><\/span><\/strong>.<\/strong><\/p>\n

[1]: Black\u2019s Law Dictionary\u00a0Deluxe Tenth Edition\u00a0by Henry Campbell Black & Editor in Chief Bryan A. Garner<\/a>. ISBN: 978-0-314-62130-6<\/span><\/strong><\/p>\n

[2]: Ballantine\u2019s Law Dictionary\u00a0<\/a><\/span><\/strong>with Pronunciations
\n<\/span><\/em>Third Edition<\/span><\/strong><\/a>\u00a0by James A. Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Edited by William S. Anderson.\u00a0\u00a0\u00a9 1969 by THE LAWYER\u2019S CO-OPERATIVE PUBLISHING COMPANY.\u00a0 Library of Congress Catalog Card No. 68-30931<\/span><\/strong><\/p>\n

[3]: Ballantine’s Law Dictionary <\/a><\/span><\/strong>Legal Assistant Edition<\/span><\/a><\/em>
\nby Jack Ballantine\u00a0<\/span><\/strong>(James Arthur 1871-1949).\u00a0\u00a0<\/span><\/em>Doctored<\/span><\/a><\/strong>\u00a0<\/span><\/em>by\u00a0Jack G. Handler,\u00a0J.D.<\/a>\u00a0\u00a9 1994 Delmar by Thomson Learning.\u00a0 ISBN 0-8273-4874-6.<\/span><\/strong><\/p>\n

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