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Chattel Mortgage on Mobile Home

Chattel Form Paper Format In Illinois

Category:

Loans and Lending - Chattel Mortgages

State:

Multi-State

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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Tangible chattel paper is sometimes delivered to the assignee, and sometimes left in the hands of the assignor for collection. Subsection (a) allows the assignee to perfect its security interest by filing in the latter case. Alternatively, the assignee may perfect by taking possession.

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.

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.

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.

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.

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The chapters below contain the exhibits, forms and templates referenced in the corresponding chapter of the Land Acquisition Policies and Procedures Manual. In the beginning, seek the "Get Form" button and click on it.Wait until Chattel Agreement is ready. This Paper examines key legal distinctions between manufactured home chattel lending and real property lending. Download and complete Motion and Notice forms from the Illinois Office of the Courts. In the alternative, Article 9 could be amended to cover all true leases. In the second situation, the property is reduced to ashes, and you've been completely deprived of it. The clerk fills out the form and retains a copy with the registration.

Chattel Form Paper Format In Illinois

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FAQ

How to perfect chattel paper?

What is electronic chattel paper?

What are the different types of chattel paper?

What is the UCC definition of chattel paper?

What is the difference between chattel real and chattel personal?

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