Chattel Security Law and Legal Definition

According to 7 CFR 761.2 [Title 7 – Agriculture; Subtitle B Regulations of The Department of Agriculture; Chapter VII Farm Service Agency, Department of Agriculture; Subchapter D Special Programs; Part 761 General Program Administration; Subpart A General Provisions], chattel security is “property that may consist of, but is not limited to: Crops; livestock; aquaculture species; farm equipment; inventory; accounts; contract rights; general intangibles; and supplies that are covered by financing statements and security agreements, chattel mortgages, and other security instruments.”