19:43
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Simple English definitions for legal terms
tangible chattel paper
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A quick definition of tangible chattel paper:
Tangible Chattel Paper: A piece of paper that shows someone owes money and that the person who loaned the money has a right to take specific things if the money isn't paid back. This is often used when someone buys something on credit and the seller wants to make sure they get their money back.
A more thorough explanation:
Definition: Tangible chattel paper is a written document that shows both a monetary obligation and a security interest in or a lease of specific goods. It is used in consumer transactions when a consumer buys goods on credit and promises to pay for them by executing a promissory note, while the seller retains a security interest in the goods.
Examples: A common example of tangible chattel paper is a car loan agreement. When a person buys a car on credit, they sign a promissory note promising to pay back the loan, and the lender retains a security interest in the car until the loan is paid off. Another example is a lease agreement for equipment, where the lessee promises to pay rent for the use of the equipment and the lessor retains a security interest in the equipment.
Explanation: These examples illustrate tangible chattel paper because they both involve a written document that shows a monetary obligation (the loan or rent payments) and a security interest in specific goods (the car or equipment). The document serves as proof of the agreement between the parties and the rights and obligations of each party.