Chattel Form Paper For Sale In New York
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Chattel paper refers to a document used in secured transactions to sell property on credit while retaining some interest in the property.
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.
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 paper is a document used in secured transactions, like a chattel mortgage, confirming the buyer's and seller's rights and obligations.
The new owner must go to the DMV with the acceptable proof of ownership and a bill of sale.
The se- curity or lease interest is embodied in a writing which evidences the debt. 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.