Chattel Paper represents which of the following?

Chattel paper is defined as a type of negotiable instrument and is typically understood as representing both a promise to pay a specific amount and a property right in the goods that are the subject of the lease or security agreement.

In essence, chattel paper captures two elements:

1. A promise to pay: This is often embodied in the context of a transaction where a buyer or lessee agrees to make payments over time in exchange for the use of goods or a property interest.

2. A property right: This relates to the rights associated with the goods or collateral involved, which might be personal property that can be repossessed if payments are not made.

Therefore, the combination of these two elements — the financial obligation (the promise to pay) and the interest in tangible property (the property right) — firmly establishes chattel paper’s significance in secured transactions, making it a valuable asset that can be assigned or assigned to lenders as collateral.

The other choices do not encompass this dual characteristic that defines chattel paper. A claim against a debtor might refer generally to any right to receive payment without specifying the form of that right. A lease of movable items alone does not capture the financial promise component unless combined with an obligation