Is a mortgage chattel paper?

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.

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Chattel Mortgage on Mobile Home

Chattel Form Paper Format In Virginia

Category:

Loans and Lending - Chattel Mortgages

State:

Multi-State

Control #:

US-0007BG

Format:

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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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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.

The Virginia lien law states that the memorandum should be recorded in the clerk's office in the county or city in which the building, structure or railroad, or any part thereof is located. If the property spans more than one county, your claim should be filed in both.

Chattel paper refers to a document used in secured transactions to sell property on credit while retaining some interest in the property.

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.

Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.

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.

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.

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The document discusses the history and development of electronic chattel paper (ECP) under revised Article 9 of the Uniform Commercial Code. Most forms and fees can be processed online.Paper submissions do not qualify for expedited services. A chattel mortgage is a loan used to purchase an item of movable personal property, such as a vehicle, which then serves as security for the loan. This document provides field definitions, instructions and data formatting requirements for completing the. Complete this section to convert the manufactured home to real property. Opinions beyond the scope of those set forth in the sample form. Explore Documents and Forms. To search, use control F to open the search box and type in a key word. In the second situation, the property is reduced to ashes, and you've been completely deprived of it.

Chattel Form Paper Format In Virginia

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