Thing in Action Legal Definition

Thing in Action Legal Definition

A selected possession refers to a set of rights and remedies (which are inextricably linked in England),[20] an object of tangible personal property that can be physically owned by the owner and transferred by delivery. Relationship, or rather the capacity for apparent control and domination, is required as the basis of the allegedly chosen property. This is impossible with non-derogable rights. Ownership and ownership techniques are of little relevance to modern financial markets, but still play a vital role in commercial and personal lending. [21] Therefore, a chosen possession refers not only to the right to enjoy or possess a thing, but also to the real or de facto enjoyment of it. Possession may be absolute or qualified. It is absolute if the person is fully and completely the owner or owner of the thing; It is considered qualified if it “does not have an exclusive right or a permanent right, but a right that may sometimes exist and cannot exist at other times”, as in the case of animals made naturae (“wild” or wild). A chosen property is freely transferable by discount. Prior to the Married Women`s Property Act of 1882, a woman`s habits passed to her husband immediately after marriage, while her chosen ones did not belong to her husband until he took possession of them.

However, this difference is practically obsolete today. [17] Retrieved from: selected in Action in A Dictionary of Business and Management » Prior to this date, fair courts could not enforce a court decision and vice versa. Therefore, these and certain legal exceptions (e.g. insurance policies) an action against an assigned dispute must have been brought on behalf of the assignor, even if the amount recovered belonged to the assignee in equity. All elections in action are equitable to be transferable, except those that are not assignable in their entirety, in equity that the assignee could have pursued in its own name, the assignor having become a party as a co-plaintiff or defendant. Judicial laws have rendered meaningless the distinction between legal and fair decisions. The Judiciary Act 1873, p. 25 (6), provided that the statutory right to a debt or other choice of law could be transferred by absolute written assignment by the assignor.

[17] This was later updated by the Property Act 1925 s136, which stated that the assignment had to take place.[18] Examples of an election in action include an heir`s right to an interest in the estate of his or her deceased; the right to claim damages for a breach; and an employee`s right to unpaid wages. Choices in Action are particularly crucial for the transfer of rights and therefore play a crucial role in the functioning and coordination of financial markets. Some rights, such as the right to withdraw from a mortgage, are a right of action, but not a right of choice or part of it that can be assigned. [14] As the category is often interpreted broadly, there have been many attempts to broaden the category so that new intangible assets can fall within the category chosen in the action. In practice, apart from bankruptcy, there is little difference between the usefulness of a possessed elected official and an elected official in action. However, selective ownership is particularly important in terms of insolvency, as ownership of the asset allows collateral to be asserted regardless of the solvency of the business. If an asset (1) is unique and cannot be replicated, such as shares of a corporation that are under the control of the board of directors; (2) a share of ownership, taking into account the profit of the object originally due; or (3) procedural remedies; If it exists, a choice of possession will be crucial for execution. The choice can be legal or fair. Prior to the Judicature Acts, which merged the courts of law and common law into a single jurisdiction in which election could only be forfeited for fault (contract or tort), it was called choice of law; If the election could only be forfeited by an action in equity as a bequest or as money held on a trust, it was called a “fair choice in action.” Prior to judicial laws, the choice of law was not transferable, i.e. the assignee could not bring an action on its own behalf.

There were two exceptions to this rule:[17] A thing chosen in action or a thing in action[7][8] is a right of pursuit. Since Torkington v Magee, it has become a commonplace law which is a chosen legal term used to describe all personal property rights that can only be claimed or enforced through litigation. It is therefore a categorization of assets whose execution cannot be ensured without judicial intervention. [4] It is an intellectual property right recognized and protected by law, which does not exist without the recognition provided by law and which does not confer common possession of tangible property. [9] Since intangible assets such as receivables for debt repayment or assigned rights cannot be possessed in contracts, they cannot be classified as possession. [10] In certain circumstances, the chosen measure creates an independent property right, independent of the property to which it may relate. [11] This new property may be taxable or allocated. For example, the right to enforce and receive a debt, to receive money as damages for breach of contract, or to receive compensation for an injustice is a decision in action. This has two consequences: first, claims that cannot be enforced by the chosen holder without legal action.

Second, these examples can be self-assigned, renewed, or otherwise used by the selected owner. [12] Where the economic value of the property is the right of action. Historically, documents that represented a security for a particular type, such as debt securities or other intangible documentary assets, were themselves selected in possession because, like promissory notes, they were negotiable and could therefore be physically seized. That is, they were transferred only by handing over the document itself. Today, most bonds and other financial instruments are dematerialized and issued as a single global note.

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