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Simple English definitions for legal terms

electronic chattel paper

Read a random definition: future consideration

A quick definition of electronic chattel paper:

Electronic Chattel Paper: A type of document that shows that someone owes money and has a right to specific goods. It is often used when someone buys something on credit and promises to pay for it later. The seller keeps a record of this promise and their right to take back the goods if the buyer doesn't pay. Electronic chattel paper is just like regular chattel paper, but it is stored and accessed electronically instead of on paper.

A more thorough explanation:

Electronic chattel paper is a type of legal document that shows both a monetary obligation and a security interest in or a lease of specific goods. It is similar to traditional chattel paper, which is used in consumer transactions when someone buys goods on credit and promises to pay for them by executing a promissory note.

For example, if you buy a car on credit, the seller may retain a security interest in the car until you pay off the loan. The legal document that shows this agreement is called chattel paper. If the same agreement is made electronically, it is called electronic chattel paper.

Another example of electronic chattel paper is when a company leases equipment to another company and retains a security interest in the equipment until the lease is paid off. The legal document that shows this agreement is also considered electronic chattel paper.

Overall, electronic chattel paper is a way to legally document agreements related to specific goods and monetary obligations in an electronic format.

electronic cash | Electronic Commerce Directive

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
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22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
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JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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