Chattel Form Paper With Code In Illinois
Description
Form popularity
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.
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.
This fine work, written by one of the reporters for article 9, may become the appropriate starting place for anyone with an article 9 problem. "'Chattel paper' means a writing or writings which evidence both a mone- tary obligation and a security interest in or a lease of specific goods." UCC § 9-105 (1) (b).
Chattel paper refers to a document used in secured transactions to sell property on credit while retaining some interest in the property.
The only way to perfect a security interest in a deposit account is by obtaining control of the deposit account—the filing of a financing statement does not work for a deposit account.
A security interest in deposit accounts, electronic chattel paper, or letter-of-credit rights is perfected by control under Section 9-104, 9-105, or 9-107 when the secured party obtains control and remains perfected by control only while the secured party retains control.
Chattel paper refers to a document used in secured transactions to sell property on credit while retaining some interest in the property.