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and so become part of it. However the legal distinction between fixtures and chattels is not always easy to clarify.
Chattels (such as for example, desks and chairs) can be easily removed without damage to themselves or the property and might commonly be referred to as fittings. They are generally fixed temporarily and a tenant can deal with them as they please. They will also pass to a new tenant on assignment of the lease if not removed.
For both landlord and tenant it is important to understand which items are their responsibility and which must remain or be removed when a lease comes to an end or a tenant vacates.
[See ‘Fixtures’.]
A chattel leasing agreement (in Scotland) means an agreement for the bailment of goods which is capable of subsisting for more than three months.
A Chattel Mortgage is a type of finance agreement that enables a company or individual to use assets such as machinery, marine vessels or aircraft as security for a loan.
Once the loan has been repaid the mortgage is removed.
Chattel loans are common in everyday life; an example of a popular Chattel Mortgage agreement is a standard residential property mortgage, where the property is used as the security on the loan.
The Chief Financial Officer (CFO) of a company is the corporate title for the person responsible for managing that company’s financial operations and strategy. The CFO reports directly to the Chief Executive Officer (CEO) and has substantial input into the company’s investments, capital structure, money management and long-term business strategy.
