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.

Question

Quizplus · Accepted Answer

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.

A Tangible or Electronic Record That Evidences Both a Monetary