What is a chattel paper UCC Article 9?

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).

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Chattel Mortgage on Mobile Home

Chattel Form Paper With Code In Pennsylvania

Q: How long is a UCC fixture filing good for?

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.

Category:

Loans and Lending - Chattel Mortgages

State:

Multi-State

Control #:

US-0007BG

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Description

The Chattel Mortgage on Mobile Home is a legal document used in Pennsylvania to secure a loan against a mobile home as collateral. It involves a Mortgagor, who borrows money, and a Mortgagee, who lends the money. The form outlines the terms of the mortgage, including the loan amount, interest rate, repayment schedule, and obligations of the Mortgagor. Users must complete the form by providing necessary details such as names, addresses, loan amounts, and repayment terms. Once executed, the Mortgagor retains possession until default occurs, at which point the Mortgagee can take action to recover the collateral. This form is essential for attorneys, partners, and paralegals managing secured loans, as well as for owners and associates in real estate or mobile home transactions. Legal assistants can also benefit from understanding this form to assist clients effectively. Clarity in this contract helps ensure both parties understand their rights and obligations regarding the secured property.

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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.

Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.

Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.

If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.

We protect your documents and personal data by following strict security and privacy standards.

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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.