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Chattel Paper |
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A writing or writings that evidence both a monetary obligation and a security interest in or a lease of specific goods. In many instances chattel paper will consist of a negotiable instrument coupled with a security agreement. When a transaction is evidenced both by such a security agreement or a lease and by an instrument or a series of instruments, the group of writings taken together constitutes chattel paper. Cross-references |
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Thus, dealers in chattel paper will have to rely upon traditional paper-based systems. Paper auto contracts are generally considered tangible chattel paper under the UCC and perfection can be achieved through the filing of UCC financing statements as well as by actual physical possession of the contracts. 21, 2002, the ratings on all manufactured housing classes (except the guaranteed B-2 classes, which were weak-linked to the rating of Conseco as guarantor) issued between 1995 and 2002 were placed on CreditWatch negative following Conseco's announcement that it would discontinue its conventional chattel paper financing business and focus on its land-home business while continuing to support chattel paper lending exclusively through the FHA Title I program. |
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Chattel Paper
