A traditional pension plan that defines a benefit for an employee upon that employee's retirement is a defined benefit plan. In the U.S., corporate defined benefit plans, along with many other types of defined benefit plans, are governed by the Employee Retirement Income Security Act of 1974 (ERISA).
Full Definition of CHATTEL. 1. : an item of tangible movable or immovable property except real estate and things (as buildings) connected with real property. 2.: slave, bondman.See chattel defined for English-language learners.See chattel defined for kids. ADVERTISEMENT.ull Definition of CHATTEL. 1. : an item of tangible movable or immovable property except real estate and things (as buildings) connected with real property. 2. : slave, bondman. See chattel defined for English-language learners. See chattel defined for kids.
What exactly is a Chattel Mortgage? Without getting too deep into legal terminology the basic definition is that A loan for a Mobile or Manufactured Home which is not affixed to real property (real estate).. In practice this translates out to mean that this is a personal property loan for a mobile home. Applying the word Mortgage to this type of transaction is really a misnomer since a mortgage really refers to a real property lien. The Chattel distinction is primarily important only from a lender's perspective. It determines whether you are applying for a true mortgage loan or a Home Only Loan..