(law) A document that demonstrates both a monetary obligation and a security interest either in certain goods, or in a lease on certain goodsUsage notes 2. This document is an assignment of chattel paper clause. Chattel paper is one of the categories of personal property identified in the Personal Property Securities Act 2009 (Cth) (PPSA).The concept derives from Art 9 of the United States Uniform Commercial Code and it appears also in all the Canadian provincial personal property security statutes and the New Zealand Personal Property Securities Act 1999. I've looked it up in my book and I've looked around online, but for some reason I'm just not grasping the concept. Chattel paper is a distinct asset class in which a security interest may be created pursuant to the Personal Property Security Act (Ontario) (OPPSA). Chattel Paper Primary tabs. In secured transactions, a document used to sell property on credit while retaining some interest in the property.
chattel paper: Document that evidences a chattel mortgage, and establishes the mortgagor's monetary obligation and the mortgagee's security interest. Chattel paper must show: (1) a monetary obligation from Party A to Party B, and (2) a security interest or other interest retained in the property by Party B. The defined terms in this clause have the same meaning as those in the precedent called “Basic loan agreement”. All security instruments reflecting an interest in goods are chattel leases, even those which do not, themselves, create a … Chattel paper The concept of chattel paper is relatively a new one to Australia and receives prominence in the Personal Property Securities Act 2009 (Cth) (PPSA). Security Interests in Chattel Paper rity agreement or a lease and by an instrument or a series of instruments, the group of writings taken together constitute chat-tel paper.
chattel-paper definition: Noun (plural chattel papers) 1. I'm taking a business law course this semester, and I'm unclear about what a chattel paper is. It is designed to be inserted into a loan agreement. Can someone please explain it to me (in normal language) and give me an example… If a contract is created electronically, then it may be an “electronic” chattel paper, and changes are made in the same way as a paper contract.
Under Article 9-105 of the UCC , a secured party has “control” of electronic chattel paper if the record of the chattel paper is created, stored and assigned in such a manner that each of following six criteria are met: Amendments to the OPPSA that became effective May 15, 2020 created a distinction between two different types of chattel paper: