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This document outlines amendments to the formal requirements of financing statements under the Uniform Commercial Code, addressing various aspects of secured transactions.

How to fill out hb 247 - secured

How to fill out H.B. 247 - Secured Transaction - Sales of Accounts, Contract Rights, and Chattel Paper

1. Obtain the H.B. 247 form for Secured Transaction - Sales of Accounts, Contract Rights, and Chattel Paper.
2. Fill in your name and contact information at the top of the form.
3. Specify the details of the accounts, contract rights, or chattel paper being sold in the designated fields.
4. Provide the name and contact information of the buyer.
5. Clearly outline the terms of the sale, including payment terms, any collateral, and deadlines.
6. Include any necessary signatures from both parties to validate the transaction.
7. Submit the completed form to the appropriate governing authority or file it as required by law.

Who needs H.B. 247 - Secured Transaction - Sales of Accounts, Contract Rights, and Chattel Paper?

1. Businesses that are selling their accounts, contract rights, or chattel paper to secure financing.
2. Financial institutions that require documentation to secure loans or purchases involving accounts and contract rights.
3. Legal professionals involved in the drafting or enforcement of secured transactions.
4. Investors looking to purchase accounts receivables or other financial instruments.

People Also Ask about

Is a conditional sales contract chattel paper?

The se- curity or lease interest is embodied in a writing which evidences the debt. This writing constitutes the "chattel paper," which may consist of a conditional sales contract, a chattel mortgage, a security agreement or a chattel lease,2 with or without an accompanying negotiable instru- ment.

What article of the Uniform Commercial Code covers secured transactions?

Article 9, Secured Transactions Uniform Commercial Code Article 9 provides a statutory framework that governs secured transactions--transactions that involve the granting of credit secured by personal property.

What secured transaction document must be signed by the debtor?

The security agreement must: be signed (or authenticated) by the debtor and the owner of the property, contain a description of the collateral and. make it clear that a security interest is intended.

What is a chattel paper example?

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.

What is chattel paper secured transactions?

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 )

What does chattel mean in real estate?

The se- curity or lease interest is embodied in a writing which evidences the debt. This writing constitutes the "chattel paper," which may consist of a conditional sales contract, a chattel mortgage, a security agreement or a chattel lease,2 with or without an accompanying negotiable instru- ment.

What is the difference between chattel paper and electronic chattel paper?

Tangible chattel paper: Chattel paper that is evidenced by a record or records consisting of information inscribed on a tangible medium. Electronic chattel paper: Chattel paper that is created, recorded, transmitted or stored in digital form or in another intangible form by electronic, magnetic or optical means.

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What is H.B. 247 - Secured Transaction - Sales of Accounts, Contract Rights, and Chattel Paper?

H.B. 247 is a legislative bill that outlines the framework for secured transactions specifically related to the sales of accounts, contract rights, and chattel paper, providing lenders with a security interest in these types of assets.

Who is required to file H.B. 247 - Secured Transaction - Sales of Accounts, Contract Rights, and Chattel Paper?

Entities or individuals who engage in secured transactions involving the sale or assignment of accounts, contract rights, or chattel paper must file H.B. 247 to establish their security interests.

How to fill out H.B. 247 - Secured Transaction - Sales of Accounts, Contract Rights, and Chattel Paper?

To fill out H.B. 247, parties must provide detailed information about the transaction, including the names of the parties involved, a description of the accounts or rights being sold, and any relevant contract details.

What is the purpose of H.B. 247 - Secured Transaction - Sales of Accounts, Contract Rights, and Chattel Paper?

The purpose of H.B. 247 is to clarify the legal process for securing interests in sales of accounts and similar financial instruments, thus promoting transparency and protecting the rights of creditors.

What information must be reported on H.B. 247 - Secured Transaction - Sales of Accounts, Contract Rights, and Chattel Paper?

The reported information must include the identification of the originating party, a clear description of the accounts or rights involved, and any terms or provisions associated with the secured transaction.