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.
Conclusion
In summary, goods & chattels is a legal term used to describe all kinds of moveable property that may be owned by individuals or businesses. Understanding the role of goods & chattels in terms of business ownership is important as it can help to ensure that the ownership of such property is properly established and protected. It is also important to note that goods & chattels can be transferred with the necessary documentation and paperwork. Lastly, it is important to understand that some items, such as stocks and bonds, are not considered to be goods & chattels.