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, […]
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
A secured loan that allows the lender to attach only the collateral, not the borrower’s personal assets, if the loan is not repaid. [Cases: Bills and Notes 44; Secured Transactions 227, 240. C.J.S. Bills and Notes; Letters of Credit § 11; Secured Transactions §§ 152, 164–166, 168–169, 172, 174–175, 180–183.]
waiver of claims and defenses. 1. The intentional relinquishment by a maker, drawer, or other obligor under a contract of the right to assert against the assignee any claims or defenses the obligor has against the assignor. [Cases: Assignments 103; Bills and Notes 314; Secured Transactions 185. C.J.S. Assignments § 100; Bills and Notes; Letters
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vis (vis). [Latin “power”] 1. Any force, violence, or disturbance relating to a person or property. “Vis, as a legal term, was understood to denote the organizing and arming of tumultuous bodies of men for the purpose of obstructing the constituted authorities in the performance of their duty, and thus interrupting the ordinary administration of
insecurity clause. A loan-agreement provision that allows the creditor to demand immediate and full payment of the loan balance if the creditor has reason to believe that the debtor is about to default, as when the debtor suddenly loses a significant source of income. Cf. ACCELERATION CLAUSE. [Cases: Bills and Notes 129(1); Secured Transactions 221.