Since its inception, article 9 has authorized both non-possessory assignment of chattel paper perfected by the filing of a financing statement and a possessory. In secured transactions, a document used to sell property on credit while retaining some interest in the property chattel paper must show: (1) a monetary obligation. For the 2010 revisions, see ucc - article 9 - secured transactions part 1 general provisions [table of contents] [subpart 1 short title, definitions, and general. It has long been common practice for financiers to perfect security in an aircraft lease by taking possession of a single, original chattel paper. Document showing both monetary obligation and security interest german: verkehrspapier n korean: 동산저당증권 (dongsan-jeodang-jeunggwon. A term used to describe a loan arrangement in which an item of movable personal property is used as security for the loan a chattel mortgage is a loan that is.
Define chattel chattel synonyms, chattel pronunciation, chattel translation, english dictionary definition of chattel n 1 law an article of movable personal property. Chattel paper is an asset type over which an entity can grant a security interest under article 9 of the ucc for more information on security interests in chattel. Definition of chattel in the idioms dictionary chattel phrase what does chattel expression mean definitions by the largest idiom dictionary. Chattel paper scope of article 9 security interests in chattel paper sales of chattel paper and.
Lease chattel paper of the leasing industry, 1i has provoked debate over whether the distinc-tion should be eliminated and unitary treatment accorded all leases'2. Chattel paper means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods. Chattel paper means a record that evidences both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software.
Definition of chattel paper: document that evidences a chattel mortgage, and establishes the mortgagor's monetary obligation and the mortgagee's security interest. In a simple example of a setting in which a chattel paper might be used, an equipment rental company could rent equipment to a business, and retain a. Chattel definition, law often, chattels a movable article of personal property see more. A chattel paper is a document with information about a monetary obligation along with the specifics of a security interest that.
1 chattel paper by anthony duggan abstract chattel paper is one of the categories of personal property identified in the personal property securities act. In this expert commentary, professor margit livingston explains what chattel paper is and the special priority rules that apply to it under the uniform commercial code.View