Chattel

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DEFINITION of 'Chattel'

Personal property that is movable. Chattel can be either animate or inanimate personal property and can be borrowed against using a chattel mortgage. It typically excludes freehold land and items such as fixtures or equipment permanently attached to a building or the ground.

BREAKING DOWN 'Chattel'

In accounting, chattel property and other personal property is tracked separately from land or improvements made to land because it can be depreciated more quickly. Additionally, legal systems consider rights to chattel differently compared to rights afforded to real property, with rights to real property typically having longer statutes of limitations and being harder to overturn.

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