Chattel Form Paper Format In Texas
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Chattel is personal property that is movable between locations, as opposed to real property, which has a fixed location. Common examples include mobile homes, furniture, and automobiles. This article explains what chattel is and how it is used as security in chattel mortgages.
Chattel paper refers to a document used in secured transactions to sell property on credit while retaining some interest in the property.
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 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.
Steps Download the UCC-1 form. Provide direct contact information if desired. Fill in the debtor's name and mailing address. List the name and address of the secured party. Indicate the collateral covered by the financing statement. Include applicable descriptions of the transaction. Fill out an addendum if necessary.
The Uniform Commercial Code allows a creditor, typically a financial institution or lender, to notify other creditors about a debtor's assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.
A filed financing statement is good for FIVE years unless a continuation is filed. Effective July 01, 2001, all UCC filings are to be made with the Texas Secretary of State.
A Uniform Commercial Code-1 (UCC-1) statement is a public legal notice filed by creditors that declares their right to seize assets in default. UCC-1 forms are mainly used to simplify collection processes. UCC-Forms must be filed with agencies in the state where the borrower's business is incorporated.
Perfection can be obtained by a creditor by filing a UCC Financing Statement with the Secretary of State. A qualified financing statement should include: Debtor and secured party's name, Collateral describing, and.
Steps Download the UCC-1 form. Provide direct contact information if desired. Fill in the debtor's name and mailing address. List the name and address of the secured party. Indicate the collateral covered by the financing statement. Include applicable descriptions of the transaction. Fill out an addendum if necessary.