What Are Goods & Chattels and How Do They Impact Business?

Goods & chattels is a legal term used to describe personal property that is owned by individuals or businesses. It is sometimes referred to as “moveable property,” referring to its capability to be stored, moved, or transferred at will. Real property or real estate is not considered a type of chattel.

How Goods & Chattels Are Used in a Business Context

Goods & chattels is an important concept in business, as it often defines the scope of what an individual or company owns and in what ways it can be used. For example, when it comes to a business, it may include items such as computer equipment, office furniture, and vehicles, with the ability to transfer ownership of such things to other parties. It is also important to note that these items are considered separate from any real estate the business may own. As a result, goods & chattels can only be transferred with the appropriate paperwork.

What Type of Property Is Not Included in Goods & Chattels?

Items such as land, buildings, and other real estate are not considered goods & chattels, and require an entirely different set of legal forms and documents for transfer. In addition, items such as stocks and bonds are not considered to be goods & chattels either, as they are treated in a similar manner to real estate. Also, any property that has not been paid for such as an unpaid loan or debt is not considered to be goods & chattels.

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Related Legal Concepts

Understanding goods and chattels often involves distinguishing between different types of goods and their legal treatment. This concept becomes particularly important in criminal matters involving possession of stolen goods, where the moveable nature of chattels can complicate ownership disputes and recovery processes.

The Bottom Line

Goods and chattels represent an essential category of personal property law that distinguishes moveable assets from real estate. This distinction affects how property can be transferred, what documentation is required, and how ownership rights are established and protected. For guidance specific to your situation, always consult a qualified, licensed attorney.