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) chattel paper.
C) a promissory note.
D) a document of title.

Question

Quizplus · Accepted Answer

Chattel paper is a term used to describe a document or electronic record that indicates both a monetary obligation and a security interest in or a lease of specific goods. This can include agreements like car loans or equipment leases where the paper serves as evidence of both the debt and the secured interest in the physical item.

A Tangible or Electronic Record That Evidences Both a Monetary