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Chattel Mortgage on Mobile Home

Chattel Form Paper With Code In Cook

Category:

Loans and Lending - Chattel Mortgages

State:

Multi-State

County:

Cook

Control #:

US-0007BG

Format:

Instant download

Description

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.

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This writing constitutes the "chattel paper," which may consist of a conditional sales contract, a chattel mortgage, a security agreement or a chattel lease,2 with or without an accompanying negotiable instru- ment.

Chattel is personal property such as furniture or livestock. In the past, chattel has also been a wife, a child, or a slave. Today, that is not the case. Chattel real is property as well, but it's property such as land or a building that is rented for a set amount of time.

The UCC defines chattel paper as “a record or records that evidence both a monetary obligation and a security interest in specific goods… or a lease of specific goods.”1 The definition expands to include a security interest in, or license of, software used in connection with the specific goods.

Electronic chattel paper: Chattel paper that is created, recorded, transmitted or stored in digital form or in another intangible form by electronic, magnetic or optical means.

A security interest in deposit accounts, electronic chattel paper, or letter-of-credit rights is perfected by control under Section 9-104, 9-105, or 9-107 when the secured party obtains control and remains perfected by control only while the secured party retains control.

Chattel paper refers to a document used in secured transactions to sell property on credit while retaining some interest in the 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 paper, see Practice Note, UCC Creation, Perfection, and Priority of Security Interests.

Chattel property is personal property that can be moved around. Chattel property law is defined as any property that is not land or physical items that belong to the land. Chattel is movable goods and land cannot be moved. A house would not be considered chattel property because it is attached to the land.

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409.308 Purchase of chattel paper and instruments. 409'l03 Perfection of security interests in multiple state transactions 409 .This is a Legally Binding Contract; If Not Understood, Seek Competent Legal Advice. If this is a composite tax return, fill in the. Composite oval at the top of Form N-15. (Source: P.A. 102-175, eff.

Chattel Form Paper With Code In Cook

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What are the different types of chattel paper?

What is the difference between chattel real and chattel personal?

What is the UCC definition of chattel paper?

What is electronic chattel paper?

How to perfect electronic chattel paper?

What is a chattel paper?

What is chattel paper in UCC?

Is chattel the same as personal property?

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