Chattel

Definition

Chattel refers to movable personal property.

Purpose

The purpose of distinguishing chattel is to differentiate movable items from immovable property (real estate). This classification affects ownership rights, transfer processes, and legal considerations in transactions involving personal property.

Examples of Use

1. Furniture: Items like chairs, tables, and sofas are considered chattel.
2. Vehicles: Cars, trucks, and motorcycles fall under the category of chattel.
3. Equipment: Construction machinery and office equipment are examples of chattel in a business context.

Related Terms

• Real Property: Land and anything permanently attached to it, such as buildings.
• Personal Property: Any property that is not real property, including chattel.
• Fixture: An item that starts as chattel but becomes part of real property when attached to it.

Notes

• Chattel can be sold, leased, or transferred separately from real property.
• Understanding the distinction between chattel and real property is important for legal and financial transactions.