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.]

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词条贡献者

双语律师Simon，毕业于亚洲一流的高级翻译学院，擅长翻译涉及金属和矿业领域的法律文件。