Chattel Form Paper Format In Wake
Category:
State:
Multi-State
County:
Wake
Control #:
US-0007BG
Format:
Word;
Rich Text
Instant download
Description
The Chattel Mortgage on Mobile Home is a legal document utilized in Wake to secure a loan against a mobile home. This form outlines the agreement between a mortgagor and a mortgagee, detailing the terms under which the mortgage is granted. Key features include defining the collateral, payment structure, and obligations of the mortgagor regarding the property. The document specifies that the mortgagor retains possession of the mobile home unless they default on payments. It also addresses the need for insurance on the collateral and conditions under which the mortgagee can reclaim the property. For attorneys, this form serves as a template to protect their clients' interests during financing transactions. Partners and owners can use this form to formalize loans without losing possession of their mobile homes. Associates and paralegals may find it useful for drafting and executing financing agreements. Legal assistants can assist in gathering necessary details to fill out the form accurately, ensuring compliance with state laws.
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FAQ
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.
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.
Chattel is any tangible personal property that is movable. Examples of chattel are furniture, livestock, bedding, picture frames, and jewelry.
(a) The promissory note is tangible chattel paper.
