b. "Chattel Paper"; "Electronic Chattel Paper"; "Tangible |
Chattel Paper." "Chattel paper" consists of a monetary |
obligation together with a security interest in or a lease |
of specific goods if the obligation and security interest or |
lease are evidenced by "a record or records." The |
definition has been expanded from that found in former |
Article 9 to include records that evidence a monetary |
obligation and a security interest in specific goods and |
software used in the goods. Charters of vessels are |
expressly excluded from the definition of chattel paper; |
they are accounts. The term "charter" as used in this |
section includes bareboat charters, time charters, |
successive voyage charters, contracts of affreightment, |
contracts of carriage, and all other arrangements for the |
use of vessels. Under former Section 9-105, only if the |
evidence of an obligation consisted of "a writing or |
writings" could an obligation qualify as chattel paper. In |
this Article, traditional, written chattel paper is included |
in the definition of "tangible chattel paper." "Electronic |
chattel paper" is chattel paper that is stored in an |
electronic medium instead of in tangible form. The concept |
of an electronic medium should be construed liberally to |
include electrical, digital, magnetic, optical, |
electromagnetic, or any other current or similar emerging |
technologies. |