What is the meaning of chattel paper?

chattel paper is a category of personal property defined by Article 9 of the UCC. Chattel paper is a document that includes both a monetary obligation and a security interest in goods or a lease. For example, installment sales contracts that include a retail purchaser's promise to pay and a security interest retained by the seller become chattel paper for a bank when the seller pledges them to another party. Such a document is often called dealer paper because automobile dealers engaged in indirect lending frequently sell or pledge their retail installment contracts to a financial institution.