Chattel Paper Law & Legal Definition
Chattel paper means a record that evidences both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. Chattel paper may take different forms, but the basic characteristic of chattel paper is a security interest in specific goods arising from a monetary obligation.
Chattel paper is defined under various federal and state laws, which vary by state. For example, one state's definition of chattel paper excludes charters or other contracts involving the use or hire of a vessel and records that evidence a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card.
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