Chattel Form Paper With Code In Pennsylvania
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FAQ
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.
This fine work, written by one of the reporters for article 9, may become the appropriate starting place for anyone with an article 9 problem. "'Chattel paper' means a writing or writings which evidence both a mone- tary obligation and a security interest in or a lease of specific goods." UCC § 9-105 (1) (b).
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.
How long does a UCC filing last? A UCC-1 filing is good for five years. After five years, it is considered lapsed and no longer valid.
Typically, states require that UCCs be renewed every 5 years; as such, recipients that have recorded UCC documentation for property with a BTOP useful life of more than 5 years will need to file a renewal of that documentation.
Under Section 9‐515(a), a filed financing statement is effective for 5 years after the date of filing. The secured party may extend the effectiveness of the financing statement for additional 5‐year periods by filing a continuation statement within 6 months before the lapse date of each 5‐year period.
UCC - Frequently Asked Questions - UCC-1 and UCC-3. Most filings last for five (5) years from the date of filing. Filings for a debtor that is a transmitting utility have no expiration date. Manufactured Home filings last 30 years from the date of filing – appropriate box must be marked.
Currently, every U.S. state and the District of Columbia have individually adopted at least part of the UCC.
