Chattel paper is a record that evidences both a monetary obligation and a security interest in specific goods and software used in the goods.

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Chattel paper is a legal term that refers to a document that serves as evidence of both a monetary obligation and a security interest in specific goods or software used in the goods. The security interest is typically held by a lender or creditor who has provided financing for the purchase of the goods or software. Chattel paper is often used in commercial transactions, such as loans or leases, where a creditor wants to protect their right to repossess the goods or software in the event of default by the borrower or lessee.

Chattel Paper Is a Record That Evidences Both a Monetary