What is the difference between chattel and slave?
What are 3 Similarities & 3 differences between indentured servants and slaves?
- similarities. both worked on farms or plantations, both didn’t have any rights, both had short life spans.
- difference 1. slaves were forever, while indentured servants had a contract. …
- difference 2. slaves worked against their will, indentured servants worked willingly.
How to pronounce chattel paper?
chattel pronunciation with meanings, synonyms, antonyms, translations, sentences and more The correct way to pronounce the name Shania twain is? shuhnai-uh twe-in
What does chattel paper mean?
chattel paper noun. A document that demonstrates both a monetary obligation and a security interest either in certain goods, or in a lease on certain goods.
What is chattel paper under the UCC?
- UCC §9-102 (a) (11)
- Id.
- See, e.g., UCC §9-109 and comments, noting that Article 9 covers a security interest in chattel paper as well as the sale of chattel paper unless the sale of chattel ...
- UCC §9-109, Official Comment No. 2.
- UCC §9-102 (a) (57)
- UCC §9-330, Official Comment 3
- UCC §9-330, Official Comment No. 4
- Id.
What is an example of a chattel?
At common law, chattel included all property that was not real estate and not attached to real estate. Examples included everything from leases, to cows, to clothes. In modern usage, chattel often merely refers to tangible movable personal property.
What is chattel papers list?
(11) "Chattel paper" means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease ...
What is chattel paper under the UCC?
"'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). "'Account means any right to payment for goods sold or leased or for services.
What is chattel paper in secured transactions?
Chattel paper is a writing that indicates that the holder is owed money and has a security interest in valuable goods associated with the debt. For example, assume that a car dealership has sold a car on financing to a buyer and has retained the title as security.
Is money a chattel paper?
Chattel paper is a piece of writing that shows evidence of two things: a monetary obligation and a security interest in, or lease of, specific goods. An equipment lease is a good example of chattel paper.
What is the difference between chattel paper and instrument?
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.
Is a promissory note chattel paper?
(c) The sales contract creating an interest in the vehicle to secure the unpaid sales price of the vehicle and the promissory note together constitute tangible chattel paper.
How do you perfect chattel paper?
A security interest in chattel paper, negotiable documents, instruments, or investment property may be perfected by filing. (b) [Control or possession of certain collateral.] (3) a security interest in money may be perfected only by the secured party's taking possession under Section 9-313.
Is chattel paper an instrument?
If a transaction is evidenced by records that include an instrument or series of instruments, the group of records taken together constitutes chattel paper.
Examples of Electronic Chattel Paper in a sentence
Chattel Paper and Control of Investment Property, Letter-of-Credit Rights and Electronic Chattel Paper.
More Definitions of Electronic Chattel Paper
Electronic Chattel Paper.
