
Chattel
Legal Context
Often used in legal situations to discuss personal property or assets.
The will stated that all chattel should be divided among her children.
Excludes Real Estate
Remember, chattel does not include land or buildings, it's moveable property.
Her jewelry collection was her most valuable chattel.
Secured 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.