Chose in Action in UK Law

On the contrary that chose in action is extinguished or reduced pro tanto, and a chose in action is brought into existence representing a debt in an equivalent sum owed by a different bank to the defendant or his solicitor. In these circumstances, it is difficult to see how the defendant thereby obtained property belonging to another, i.e. to the lending institution.

I turn next to the release of the money by the solicitor, with the lending institution's authority, to the vendor's solicitor in the form of a banker's draft. Presumably the solicitor's bank will debit the solicitor's general account with the amount of the draft, and in due course the solicitor will effect an adjustment in his own accounts as between his client account and his general account.

In my judgment, the Court has to do (assuming that the Plaintiff has established negligence) In such a case as the present, is to determine what the Plaintiff has by that negligence lost. The question is, has the Plaintiff lost some right of value, some chose in action of reality and substance? in such a case it may be that its value is not easy to determine, but it is the duty of the Court to determine that value as best it can.

I venture to think that still remains a fundamental principle of our law. But it is today true to say that in English law an assignee who can show that he has a genuine commercial interest in the enforcement of the claim of another and to that extent takes an assignment of that claim to himself, is entitled to enforce that assignment unless by the terms of that assignment he falls foul of our law of champerty, which as has often been said, is a branch of our law of maintenance.

A garnishee or third party debt order is a proprietary remedy which operates by way of attachment against the property of the judgment debtor. When a final or absolute order is made the third party or garnishee is obliged (subject to any specified monetary limit) to make payment to the judgment creditor and not to the judgment debtor, but the debt of the third party to the judgment debtor is discharged pro tanto.

It is not in my opinion open to the court to make an order in a case, such as the present, where it is clear or appears that the making of the order will not discharge the debt of the third party or garnishee to the judgment debtor according to the law which governs that debt.

But as between the shareholder and the company itself, the shareholder's rights may be varied or extinguished by the mechanisms provided by the articles of association or the Companies Act. One of those mechanisms is the scheme of arrangement under section 152. As a shareholder, Cambridge is bound by the transactions into which the company has entered, including a plan under Chapter 11 or a scheme under section 152.