Chattel refers to movable personal property that is not fixed to land or real estate. Chattels include tangible items such as furniture, vehicles, livestock, and clothing, as well as intangible items such as stocks, bonds, and intellectual property rights. Unlike real property, which refers to land and immovable structures, chattel can be physically transported from one location to another. In legal contexts, chattels are subject to ownership, transfer, and protection under property law, which governs the rights and obligations associated with personal property. Chattel can be bought, sold, leased, and gifted, and its ownership is typically evidenced by a bill of sale or other documentation.
Property, other than real estate, is owned by an individual. also called personal property.
Chattel refers to personal property that is movable and not fixed to real property. This can include items such as furniture, vehicles, and livestock. Chattel is distinct from real property, which includes land and buildings. In legal terms, chattel is often subject to different rules and regulations than real property.
Chattel refers to movable personal property that is not permanently attached to land or buildings. It includes items such as furniture, vehicles, livestock, and artwork.
Chattel is distinct from real property, which refers to land and anything permanently attached to it, such as buildings or fixtures. Unlike real property, chattel can be easily moved or transferred.
Yes, chattel can be bought and sold like any other form of property. Ownership of Chattel can be transferred through a sale, gift, or inheritance, among other means.
Yes, chattel can be used as collateral for a loan. For example, a vehicle can be used as collateral for an auto loan, or artwork can be used as collateral for an art loan.
Yes, chattel can be leased or rented. For instance, individuals or businesses can lease furniture, equipment, or vehicles for a specified period of time.
Generally, there are no specific legal restrictions on owning or transferring chattel. However, certain items may be subject to specific regulations or restrictions, such as firearms or endangered species.
Yes, chattel can be included in a person’s will. By specifying the distribution of chattel in a will, individuals can ensure that their personal property is passed on according to their wishes.
Depending on the jurisdiction, certain types of chattels may be subject to taxes. For example, vehicles may be subject to registration fees or property taxes.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 10th April, 2024.
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