Chattel Form Paper For Sale In Wake
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(79) " Tangible chattel paper " means chattel paper evidenced by a record or records consisting of information that is inscribed on a tangible medium.
In the context of personal property, these types of objects are known as “chattels personal” and can either be tangible or intangible. Tangible personal property means that the chattel has a physical embodiment and are capable of being in someone's physical possession.
The Uniform Commercial Code (UCC) defines chattel paper as “a record or records that evidence both a monetary obligation and a security interest in or a lease of specific goods.” Chattel paper provides lenders with a tangible form of collateral to secure their loans.
One or more documents that evidences both a monetary obligation and a security interest in, or a lease of, specific goods.