Thursday, 16 October 2008
Chattel, broad term, derived from the word cattle, used to describe all kinds of personal property. In law, personal property is distinguished from real property, or real estate, which is generally characterized by immobility. Chattels are usually regarded as movable objects that may be taken from one place to another, such as money, clothing, jewelry, automobiles, and household goods. Real estate, on the other hand, comprises land, buildings and construction materials used in the buildings, and natural resources found on the land. Certain objects that are a part of real estate may become chattels when they are removed from the land, such as cut timber or mined ore.