Chattel paper chattel paper see paper source: merriam-webster's dictionary of law ©1996 merriam-webster, incorporated published under license with merriam-webster, incorporated. 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 the proposed codification of leasing law13 makes the question espe. To create and perfect a security interest in chattel paper, the secured party must follow the usual steps of attachment and perfection to achieve attachment of its security interest, the creditor must (1) give value to the debtor, such as a loan or an available line of credit, and (2) ensure that the debtor has rights in the chattel paper collateral.
In the first installment of a two-part series, ken weinberg dissects the super-priority rule as it relates to possessors and filers of chattel paper, examining the key requirements of new value and possession. Chattel paper is one of the categories of personal property identified in the personal property securities act 2009 (cth) (ppsa)the concept derives from art 9 of the united states uniform commercial code and it appears also in all the canadian provincial personal property security statutes and the new zealand personal property securities act 1999.
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 3view paper published in the nblr. Chattel paper, documents and instrumentsdebtor will take such action as may be requested by secured party in order to cause any chattel paper, documents or instruments to be valid and enforceable and will cause all chattel paper to have only one original counterpart. 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.
Defined in the ucc as chattel paper evidenced by a record or records consisting of information stored in an electronic medium (ucc § 9-102(a)(31))electronic chattel paper is an asset type over which an entity can grant a security interest under article 9 of the ucc. Noun we'll need pens, glue, and some paper be sure to print the letter on good paper he scribbled the number on a scrap of paper a crumpled piece of paper the border guards asked to see my papers. Some of the world's leading law faculties have joined together to create an online database of legal terminology, all linked to a single english dictionary of law, with the aim of making it easier to understand and communicate legal concepts in different languages. Chattel - translation to spanish, pronunciation, and forum discussions.
Wiktionary (000 / 0 votes) rate this definition: chattel paper (noun) a document that demonstrates both a monetary obligation and a security interest either in certain goods, or in a lease on certain goods. Electronic chattel paper 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 priority over pre-existing secured lenders who perfected by filing a ucc financing statement. The wiky legal encyclopedia covers legislation, case law, regulations and doctrine in the united states, europe, asia, south america, africa, uk, australia and around the world, including international law and comparative law. Ideas and inspiration can strike at any moment you may have ideas for a new business, a product or service, or new ways of improving the efficiency of your operations.
A chattel mortgage is an obsolete form of loan secured by personal property the most interesting and disturbing aspect of chattel law is the notion of women as chattel that has woven itself into legal codes throughout history. Chattel in the world of tangible chattel, multiple physical documents could comprise the chattel paper (such as a note and a separate security agreement) there are often multiple copies of the same item of chattel paper. As the upbeat rock sounds of bachman turner overdrive's takin' care of business wafted through the ballroom doors, attendees mingled over morning coffee prior to the opening presentation of leasewave.