Asked by Caroline Moore on Jun 14, 2024
Verified
A tangible or electronic record that evidences both a monetary interest and security interest in or a lease of specific goods is known as:
A) a negotiable instrument.
B) a document of title.
C) a promissory note.
D) chattel paper.
Chattel Paper
A document or record that evidences both a monetary obligation and a security interest in or lease of specific goods.
Tangible
Refers to physical objects or assets that can be seen and touched.
Electronic Record
A document or data that is created, stored, and retrievable in electronic form.
- Ascertain the methods utilized to perfect a security interest in assorted types of collateral.
Verified Answer
PO
Pets of MiddletonJun 19, 2024
Final Answer :
D
Explanation :
Chattel paper is a term used to describe a tangible or electronic record that evidences both a monetary obligation and a security interest in or a lease of specific goods. This can include things like car loans or leases, where the document shows both the obligation to pay and the interest in the vehicle.
Learning Objectives
- Ascertain the methods utilized to perfect a security interest in assorted types of collateral.