Chattel Form Paper With Code In Utah
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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.