CHATTEL PAPER

chattel paper.A writing that shows both a monetary obligation and a security interest in or a lease of specific goods. UCC § 9-102(a)(11). • Chattel paper is generally used in a consumer transaction when the consumer buys goods on credit. The consumer typically promises to pay for the goods by executing a promissory note, and the seller retains a security interest in the goods. See SECURITY AGREEMENT. [Cases: Secured Transactions  88, 142. C.J.S. Secured

Transactions §§ 59, 90.] “ ‘Chattel paper’ means a record or records that evidence both a monetary obligation and a security interest in or a lease of specific goods or of specific goods and software used in the goods.The term does not include a charter or other contract involving the use or hire of a vessel. If a transaction is evidenced both by a security agreement or lease and by an instrument or series of instruments, the group of records taken together constitutes chattel paper.” UCC § 9-102(a)(8). electronic chattel paper.Chattel paper evidenced by a record or records consisting of information stored in an electronic medium and retrievable in perceivable form. UCC § 9-102(a)(31). tangible chattel paper.Chattel paper evidenced by a record or records consisting of information that is inscribed on a tangible medium. UCC § 9-102(a)(78). [Blacks Law 8th]