NotaryExamPrep logo NotaryExamPrep
Legal Terms & Definitions

Which term best matches the booklet’s definition of a writing that evidences both an obligation to pay money and a security interest in a lease or specific goods?

A

Bill of sale

B

Chattel paper

C

Codicil

D

Conveyance

Official source: Notary Public License Law (March 2026)

Reference: Legal Terms & Definitions

Source checked September 7, 2026

✓

Correct Answer

B. Chattel paper

Detailed Explanation

That glossary phrase identifies chattel paper. In “Definitions and General Terms,” chattel paper means a writing or writings evidencing both an obligation to pay money and a security interest in a lease or specific goods. For contrast, a bill of sale passes title to personal property, while chattel paper is the evidence of an obligation and related security interest.

Legal Terms & Definitions Question #340
🔒

See the Correct Answer & Detailed Explanation

Try 10 free preview questions with instant feedback, official source references, and detailed explanations. Full access includes all 500 New York questions.

Start the 10-Question Free Preview

No credit card required · Interactive quiz simulator