Thing in action

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A thing in action — in kinder days known as a chose in action — is an intangible right that only the law can see — that you wouldn’t think existed at all but for the fact you can sue on it — and is to be contrasted with to something even a non-lawyer can stub her toe on.

• Things you can stub your toe on: pavements, rocks, watches you stumble upon by the sea when taking an after-dinner stroll.
• Things in action: Guarantees; indemnities; claims for compensation for wrongdoing which would be entertained by a well-directed member of the judiciary. You know: things which you can’t stub your toe on, but which can nonetheless trip you up.

Things in action count as property for the purposes of the Law of Property (Miscellaneous Provisions) Act 1994, and expressions like full title guarantee.

Which is nice.

See also

• A legal assignment as compared to an assignment by way of security
• The blind watchmaker