Chattel/ˈtʃætl/ Definition 1 of 2Pro Tip 1/3Legal Context Often used in legal situations to discuss personal property or assets. The will stated that all chattel should be divided among her children. Pro Tip 2/3Excludes Real Estate Remember, chattel does not include land or buildings, it's moveable property. Her jewelry collection was her most valuable chattel. Pro Tip 3/3Secured Loans Chattel can be used as security for a loan, known as a chattel mortgage. He took out a chattel mortgage on his boat to finance his business.