A term in the financial world which refers to personal property which can be moved is known as Chattel; it is also referred to as movable property. Jewelry, cars, and furniture are some examples of chattel.
The immovable property is opposite of chattel, like real estate and buildings, although of course buildings can be moved in some circumstances. By some people chattel is just referred to as a “personal property,” that differentiate it from things like real estate with the term “immovable property.”
From where the word Chattel is derived?
The word is derived from the Middle English chatel, and its meaning is “movable property.” It is related to the Old French chatel, and that means “cattle,” which is a reference to one of the most famous examples of any movable property of all time. For thousands of years humans have had chattel; probably for early humans movable property was the introduction to the concept of property, as people learned to make and use things, thereby they attached value to them.
Another Meaning of Chattel
This term has got another, more sinister meaning, which dates to 1649. In the 1600s, abolitionists give a name chattel to slaves, emphasizing the fact that rather than human beings slaves were viewed as personal property.
Although the use of the term was resisted by slave owners, it was remarkably apt and also correct: similar to the inanimate chattel, slaves could be seized by the government and sold to recoup debt, for example. Terms like “human chattel” can be still encountered by you in literature from anti-slavery organizations.
Chattel is different from Immovable Property
Economically, chattel is viewed differently from immovable property. As a general rule, there is a rapid drop in the value of chattel, thanks to a process that is referred to as depreciation. Anyone by whom a new car has been purchased is probably aware of this phenomenon. Typically, with improvements to the chattel the decline in value cannot be arrested, unlike real property, which by using improvements and renovation can constantly be made more valuable . Due to this issue, in financial assessments like those involved in determining how much money someone owes in taxes, chattel is treated differently from real estate.
You might be surprised knowing the value of your chattel. While an individual piece of movable property may not be that valuable, it is quite easy to pack a home taking a substantial amount of belongings. Some people like to get insurance to protect their movable property from things like theft and fires because replacing such belongings can be expensive and stressful, and doing this they ensure that along with their real estate their movable goods are protected and they provide rapid replacements for things like cars and computers which may be vitally necessary for work.
