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] The choice may 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] From: selected from Action in A Dictionary of Business and Management” In the United States, the Supreme Court in Mullane v. Central Hanover Bank & Trust Co.[15] held that ownership may be transferred in a cause of action on property, and later in Logan v. Zimmerman Brush Co., in a discrimination lawsuit. [16] Chose (pronounced: /ʃoʊz/, French for “thing”) is a term used in the common law tradition to refer to property rights, specifically a combined set of rights.
[1] An election describes the right of execution that a party has over an object. The use of choice extends from the English use of French in the courts. [2] In English and Commonwealth law, all personal effects fall into one of two categories: in action or in possession. [3] English law uses the choice to refer to a set of rights traditionally linked to property that may be used in certain circumstances. Thus, an elected lawsuit refers to a set of personality rights that can only be enforced or claimed by an elected owner who takes legal action in court to assert the claim. In English law, this category is extremely broad. [4] This contrasts with an elected possession, which represents rights that can be enforced or acquired through the physical possession of the chosen one. This may be, for example, a legal hypothec. [5] Both in possession and in action create distinct property interests. What differs between each is the method by which each selection can be applied.
It depends on the possessive nature of the reference object. [6] In practice, apart from bankruptcy, there is little difference between the usefulness of voting in possession 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 company that are controlled by 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. Examples of chosen actions are an heir`s right to a right in the estate of his testator; the right to claim damages for a breach; and an employee`s right to unpaid wages. Alternative historical uses include a selected restaurant, a thing attached to a location, such as a mill; A selected ephemeral, something mobile that can be transported from one place to another. [ref. needed] 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. Certain rights, such as: The right of withdrawal from a mortgage is 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. These requirements are important because they prevent the assignee from bringing a debt suit without notice. Until the debtor terminates, set-offs continue to occur between the assignor and the debtor, the debtor does not know how to pay anyone other than the assignor; and the assignee may lose precedence over subsequent assignees who give notice.
[19] The difference between current and future decisions in action has been compared to the difference between a tree and its fruit. A chosen term is a general term used to describe a property right or the right to own something that can only be obtained or enforced through legal action. It is used, on the other hand, to choose in possession, which refers to cases where ownership of money or property belongs to one person, but possession is held by another. Prior to that date, equitable courts could not enforce a judicial decision and vice versa. Accordingly, with these exceptions and certain statutory 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 Law of Property Act 1925 s136, which stated that assignment [18] should be a right to plead in court for money or damages. Examples include rights under an insurance policy, a debt, and rights under a contract.
An election in stock is a form of ownership and can be assigned, sold, held in trust, etc. See also in selected possession. A decision in action or a matter in action[7][8] is a right to sue. 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.