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Electronic Chattel Paper: Invitation Accepted

Electronic Chattel Paper: Invitation Accepted 2025

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The document discusses the evolution and significance of Electronic Chattel Paper (ECP) under Revised U.C.C. Article 9, which was updated in 1999 to allow for electronic documentation in secured lending. It highlights the benefits of ECP for lenders and investors, including reduced costs and increased efficiency in financing processes. The article reviews the historical context, technological challenges, and regulatory developments that have shaped the adoption of ECP, noting a slow but steady growth in its use since its introduction. Amendments made in 2010 aimed to lower barriers for demonstrating control over ECP are expected to further encourage its market expansion.

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What is the definition of electronic chattel paper?

Defined in the UCC prior to the 2022 Amendments to the UCC as chattel paper evidenced by a record or records consisting of information stored in an electronic medium (UCC 9-102(a)(31)). Electronic chattel paper is an asset type over which an entity can grant a security interest under Article 9 of the UCC.

What is an example of a chattel paper?

Common examples of chattel paper include a promissory note coupled with a security agreement, or a motor vehicle financing agreement that includes both a payment obligation and a security interest in the financed vehicle.

How to perfect in electronic chattel paper?

An assignee of electronic chattel paper may perfect by taking control. See Sections 9-314(a), 9-105. The security interest of an assignee who takes possession or control may qualify for priority over a competing security interest perfected by filing.

What is the meaning of chattel paper?

If a substantial amount of his assets are tied up in these medium- and long-term obligations of other persons, the originator of the chattel paper may wish, or may even find it necessary, to raise money by selling this chattel paper or by using it as collateral for a secured loan.

What are the requirements for chattel paper?

As such, chattel paper must show the following: A monetary obligation from Party A to Party B, and. A security interest or other interest retained in the property by Party B.

What is electronic chattel paper?

Chattel paper is a legal document that records a monetary obligation from one party to another and a security interest used in secured transactions to sell property on credit while retaining some interest in the property. ( See: UCC 9-102 )

Can chattel paper be used as collateral?

The UCC defines chattel paper as a record or records that evidence both a monetary obligation and a security interest in specific goods or a lease of specific goods.1 The definition expands to include a security interest in, or license of, software used in connection with the specific goods.

Electronic Chattel Paper: Invitation Accepted 2025

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