Chattel

Definition:

Chattel is a movable asset that can be easily transferred ownership, such as personal property, livestock, and goods.

Examples:

• Automobiles
• Furniture
• Electronics
• Appliances
• Clothing
• Livestock
• Jewelry
• Weapons

Key Features:

• Movable: Chattel is tangible and can be moved easily.
• Transferable: Ownership of chattel can be readily transferred.
• Personal Property: Chattel is generally considered to be personal property, rather than real estate.
• Identifiable: Chattel can be identified by specific characteristics or serial numbers.
• Usable: Chattel can be used for a variety of purposes, such as transportation, consumption, or trade.

Legal Significance:

Chattel is a key concept in law, particularly in contracts and property law. It is important in defining ownership rights and establishing the legal basis for transactions involving movable assets.

Other Uses:

• In accounting, chattel is used to categorize moveable assets on financial statements.
• In business, chattel is used to describe assets that are used in the ordinary course of business operations.