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Civil Liability

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An outmoded written document which made a chattel (tangible personal asset) security for a loan of a certain amount. it has been replaced in most states by a security agreement, the form of which is designated in a uniform commercial code as ucc-1. ucc-1 security agreements must be filed with a specific public agency (e.g. a state secretary of state) to protect buyers of the personal property and lenders making loans secured by the property.

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