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Simple English definitions for legal terms

electronic chattel paper

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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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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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