Chattel is movable property — things like equipment, machinery, or livestock — as opposed to land and buildings.
Chattel is tangible, movable personal property distinct from real property, which may be pledged as collateral under a chattel security agreement.
Chattel is often used as collateral for equipment and livestock loans, so the term shows up in farm loan documents.
A tractor and a herd of cattle are chattel that might secure a loan.
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