Chattel Form Paper Format In Salt Lake
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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.
(a) The promissory note is tangible chattel paper.
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 is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.
Chattel paper refers to a document used in secured transactions to sell property on credit while retaining some interest in the property.
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.