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Related to chattel: chattel mortgage, Chattel Paper
chattel(chăt`əl), in law, any property other than a freehold estate in land (see tenuretenure,
in law, manner in which property in land is held. The nature of tenure has long been of great importance, both in law and in the broader economic and political context.
..... Click the link for more information. ). A chattel is treated as personal property rather than real property regardless of whether it is movable or immovable (see propertyproperty,
rights to the enjoyment of things of economic value, whether the enjoyment is exclusive or shared, present or prospective. The rightful possession of such rights is called ownership.
..... Click the link for more information. ). Certain uses of the term (e.g., chattel mortgage) refer only to movable property. Otherwise the term also includes chattels real, i.e., those estates in land that do not constitute a freehold.
1. Any article of property not consisting of or affixed to land; movable property.
2. Same as 1, above, plus any interest in land that is less than a freehold. When this nomenclature is used, the term chattel personal is employed to designate movables such as goods and money, and chattel real to designate less-than-freehold interests in real property, such as leasehold interests for a term of years.