407 electronic chattel paper: invitation accepted jane k winn abstract: in 1999, revised ucc article 9 governing secured lending was updated to permit the. 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. 3 being leased) would not have qualified as chattel paper8 revised article 9 clearly permits such leases to be treated as chattel paper – but only if the software. 298 gonzaga law review [vol 46:2 a why the law governing assignments of chattel paper is complicated. Chapter 37 foreclosure as to intangibles a generally intangible collateral includes accounts, chattel paper and general intangibles it also includes instruments.
Assignment of receivables under article 9: structural incoherence and wasteful filing t homas e p lank article 9 is a comprehensive and remarkable statute. “purchased receivables” shall mean all those accounts, receivables, chattel paper, instruments, contract rights, documents, general intangibles, letters of credit. Form 2a7 ucc-1 financing statements ucc-1 financing statement sample collateral descriptions note that if there is not enough room on the face of the ucc to complete. Document that evidences a chattel mortgage, and establishes the mortgagor's monetary obligation and the mortgagee's security interest. A chattel mortgage is a term used to describe a loan arrangement in which an item of movable personal property is used as security for the loan. Pursuant to the uniform commercial code, electronic chattel paper means chattel paper evidenced by a record or records consisting of information stored in an.
Tangible chattel paper10 through this denition, article 9 at-tempted to confer on electronic chattel paper the quasi-negotiable status of tangible chattel paper. Chattel paper and investment property 2 contents of financing statements attached as exhibita is a table summarizing the methods of perfection for various types of.
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. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights. A primer on intangible collateral it is often very difficult for students to understand the use of intangible assets as collateral for loans. Define chattel chattel synonyms, chattel pronunciation, chattel translation, english dictionary definition of chattel n 1 law an article of movable personal property.
1309330 priority of purchases of chattel paper or instrument - ucc 9-330 a purchaser of chattel paper has priority over a security interest in the chattel. Chicago-kent law review volume 74 issue 3symposium on revised ucc article 9 article 8 june 1999 electronic chattel paper under revised article 9: updating the concept.
(k) “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. 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. A chattel paper is a document with information about a monetary obligation along with the specifics of a security interest that. Published: 11/17/2009 by jonathan fleisher, jen hansen this newsletter has been published in the national banking law review (nblr), june 2010, volume 29, no 3. Ken weinberg dissects the super-priority rule in relation to possessors and filers of chattel paper, examining the requirements of new value and possession. Learn the rules about how to attach and perfect a security interest under the ucc.
Start studying business law 24-28 learn vocabulary, terms, and more with flashcards, games, and other study tools. 4 manufactured-housing consumer finance in the united states 1 introduction this white paper provides background on manufactured housing, including the market and. Condition and value of repossessed automobiles philip shuchman this article addresses an aspect of the common situation in which a consumer buys a car at retail on. Many translated example sentences containing chattel paper – spanish-english dictionary and search engine for spanish translations. I'm taking a business law course this semester, and i'm unclear about what a chattel paper is i've looked it up in my book and i've looked.