Chattel Form Paper Format In Illinois
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FAQ
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.
Electronic chattel paper: Chattel paper that is created, recorded, transmitted or stored in digital form or in another intangible form by electronic, magnetic or optical means.
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.
The UCC defines chattel paper as “a record or records that evidence both a monetary obligation and a security interest in specific goods… or a lease of specific goods.”1 The definition expands to include a security interest in, or license of, software used in connection with the specific goods.
Chattel is personal property such as furniture or livestock. In the past, chattel has also been a wife, a child, or a slave. Today, that is not the case. Chattel real is property as well, but it's property such as land or a building that is rented for a set amount of time.
