The New York booklet defines chattel paper as writing or writings that evidence both a monetary obligation and a security interest in, or lease of, specific goods. It sits squarely in commercial and secured-transactions vocabulary rather than ordinary real-estate practice.
The concept matters because it combines two elements: a promise to pay and a documented interest in goods. That is why the term is more specialized than chattel alone. Chattel is simply personal property; chattel paper is the documentation tying money, goods, and security rights together.
Practical note: Notaries do not need to become commercial-law specialists to understand the term. For glossary purposes, it is enough to remember that chattel paper is a document category, not the goods themselves, and not the same thing as a deed, mortgage, or ordinary contract for services.
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