Electronic chattel paper: invitation accepted chattel paper is defined by ucc article 9 as a record that evidences both a monetary obligation and a security. A primer on intangible collateral it is often very difficult for students to understand the use of intangible assets as collateral for loans. (k) “chattel paper” means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific. Personal property that is movable chattel can be either animate or inanimate personal property and can be borrowed against using a chattel mortgage it typically. Published: 11/17/2009 by jonathan fleisher, jen hansen this newsletter has been published in the national banking law review (nblr), june 2010, volume 29, no 3. Document that evidences a chattel mortgage, and establishes the mortgagor's monetary obligation and the mortgagee's security interest.
1 secured transactions – creation, perfection and priority under ucc article 9 note: portions of the outline that are particularly relevant to security interests. Chattel paper, documents and instruments debtor will take such action as may be requested by secured party in order to cause any chattel paper, documents or. “purchased receivables” shall mean all those accounts, receivables, chattel paper, instruments, contract rights, documents, general intangibles, letters of credit. Chapter 37 foreclosure as to intangibles a generally intangible collateral includes accounts, chattel paper and general intangibles it also includes instruments. Form 2a7 ucc-1 financing statements ucc-1 financing statement sample collateral descriptions note that if there is not enough room on the face of the ucc to complete.
In a simple example of a setting in which a chattel paper might be used, an equipment rental company could rent equipment to a business, and retain a. Tangible chattel paper10 through this denition, article 9 at-tempted to confer on electronic chattel paper the quasi-negotiable status of tangible chattel paper.
Collateral (11) chattel paper means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in. — a purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed other than merely as proceeds of inventory subject to a. Assignment of receivables under article 9: structural incoherence and wasteful filing t homas e p lank article 9 is a comprehensive and remarkable statute. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter-of-credit rights.
1309330 priority of purchases of chattel paper or instrument - ucc 9-330 a purchaser of chattel paper has priority over a security interest in the chattel. Chicago-kent law review volume 74 issue 3symposium on revised ucc article 9 article 8 june 1999 electronic chattel paper under revised article 9: updating the concept.
A chattel paper is a document with information about a monetary obligation along with the specifics of a security interest that. Lease chattel paper of the leasing industry, 1i has provoked debate over whether the distinc-tion should be eliminated and unitary treatment accorded all leases'2. I'm taking a business law course this semester, and i'm unclear about what a chattel paper is i've looked it up in my book and i've looked. One of the significant benefits bestowed upon chattel paper financers is the ability to perfect a security interest via possession and in so doing potentially achieve.
Start studying business law 24-28 learn vocabulary, terms, and more with flashcards, games, and other study tools. 3 being leased) would not have qualified as chattel paper8 revised article 9 clearly permits such leases to be treated as chattel paper – but only if the software. Chattel paper means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods. 298 gonzaga law review [vol 46:2 a why the law governing assignments of chattel paper is complicated. Ken weinberg dissects the super-priority rule in relation to possessors and filers of chattel paper, examining the requirements of new value and possession. Learn the rules about how to attach and perfect a security interest under the ucc.