Answer:
False
Explanation:
A chattel paper is a record which shows that or reveals that there is a monetary obligation and security interest in particular goods. In this case, Pharm-Ace holds a patent on a drug and have used it to secure a loan. The patent in this case serves as a collateral as it can be sold by the bank to recover their money back, but it is not a chattel paper because there isn't a security interest.
