The real estate term chattel is falling out of favor with the manufactured housing industry. During a webinar December 9 on pending financial reform regulation, the Manufactured Housing Institute urged the industry to begin instead using the words personal property. It’s seems the term chattel could be relegated to the “do not say” list along with mobile, trailer and park. “Terminology also matters,” says MHI Vice President of Government Affairs Jason Boehlert. “When you’re talking about personal property lending, refer to it as personal property lending. We’re trying to get away from this term, that it’s chattel. In many ways, that’s somewhat of a derogatory term.” Chattel is a real estate term defined as “an article of movable personal property.” The definition for personal property is identical, and nicely bookends with its counterpart, real property. Hear Boehlert in his own words below.
