What is a chattel paper UCC Article 9?

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).

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Chattel Mortgage on Mobile Home

Chattel Form Paper With Code In Utah

Category:

Loans and Lending - Chattel Mortgages

State:

Multi-State

Control #:

US-0007BG

Format:

Instant download

Description

The Chattel Mortgage on Mobile Home is a legal document used in Utah to secure a loan with movable property as collateral. This form includes essential elements such as the identification of the Mortgagor and Mortgagee, details about the mobile home serving as collateral, and the terms of the promissory note, including interest rates and payment schedules. The form specifies the responsibilities of the Mortgagor, including maintaining insurance on the collateral and obtaining consent from the Mortgagee before disposing of the property. Key features include provisions for default, where failure to meet payment obligations can result in the immediate demand for full repayment and seizure of the collateral. It is important for users to fill out the form accurately, ensuring all information regarding the collateral and payment terms is complete. This form is particularly useful for attorneys, partners, and legal assistants who assist clients in securing loans against personal property. Paralegals and associates may find it beneficial for understanding property rights and lien agreements. Overall, this Chattel Mortgage serves as a protective measure for lenders while providing borrowers a means to access financing using their mobile home as security.

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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.

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 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.

Chattel paper refers to a document used in secured transactions to sell property on credit while retaining some interest in the property.

Attachment and enforceability of security interest -- Proceeds -- Supporting obligations -- Formal requisites. A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment.