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.]

---

词条贡献者

法律翻译Kelly，毕业于美国顶尖的高级翻译学院，专注翻译各类与消费者产品责任纠纷有关的法律文件。