Chattel Form Paper With Picture Box In New York
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FAQ
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 paper refers to a document used in secured transactions to sell property on credit while retaining some interest in the property.
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.
New York State's Uniform Commercial Code (“UCC”) guides the sale of commercial business transactions, including the sale of goods between parties. Article 9 of the UCC governs transactions that combine a debt with a creditor's interest in a debtor's personal property.
In addition to filing with the state, the UCC is filed with the County office that holds the county real estate records for the property. Filings for ownership entities are made in the state where the entity is registered. Filings for individuals are made in the state in which the individual resides.
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Correct filing location: File the fixture filing in the real property records of the county where the real estate is located and, if the collateral includes both personal property and fixtures, also in the central UCC filing office where the debtor is “located” (as per UCC Article 9's definition of debtor location).
