Chose in Action in UK Law

Leading Cases
  • R v Preddy
    • House of Lords
    • 10 Julio 1996

    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.

    But (like Sir John Smith — see his commentary on the decision of the Court of Appeal in the present case [1995] Crim.L.R. 564) I find difficulty in conceiving that in either case section 15 applies where, as here, the solicitor receives the money in his capacity as agent of the lending institution, in circumstances in which the lending institution retains control over the money while in his (the solicitor's) hands and can require it to be repaid at any time.

    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.

  • Kitchen v Royal Air Force Association
    • Court of Appeal
    • 01 Abril 1958

    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.

  • Johnson v Gore Wood & Company (A Firm)
    • House of Lords
    • 14 Diciembre 2000

    Accordingly, where a company suffers loss as a result of an actionable wrong done to it, the cause of action is vested in the company and the company alone can sue. No action lies at the suit of a shareholder suing as such, though exceptionally he may be permitted to bring a derivative action in right of the company and recover damages on its behalf: see Prudential Assurance Co. Ltd. v. Newman Industries Ltd. (No. 2) [1982] Ch. 204 at p. 210.

  • Trendtex Trading Corporation v Credit Suisse
    • House of Lords
    • 22 Octubre 1981

    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.

  • Foskett v McKeown
    • House of Lords
    • 24 Mayo 2000

    There is no "unjust factor" to justify restitution (unless "want of title" be one, which makes the point). Property rights are determined by fixed rules and settled principles. They do not depend upon ideas of what is "fair, just and reasonable." Such concepts, which in reality mask decisions of legal policy, have no place in the law of property.

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Legislation
  • Trading with the Enemy Act 1939
    • UK Non-devolved
    • 1 de Enero de 1939
    ......money due in respect of a transaction under. which all obligations on the part of the person. receiving payment ... S-4 . Transfer of negotiable instruments and choses in action by enemies. 4 Transfer of negotiable instruments and choses ......
  • Trustee Act 1850
    • UK Non-devolved
    • 1 de Enero de 1850
    ...... of unsound Mind shall be solely entitled to any Stock or to any Chose in Action upon any Trust or by way of Mortgage, it shall be lawful for the ......
  • Supreme Court of Judicature (Ireland) Act 1877
    • UK Non-devolved
    • 1 de Enero de 1877
    ....... ‘Cause’ shall include any action, suit, or other original proceeding between a plaintiff and a defendant, ...any debt or other legal chose in action, of which express. notice in writing shall have been given to ......
  • Guardian Assurance Company's Act 1866
    • UK Non-devolved
    • 1 de Enero de 1866
    ......12. On due Proof to the Satisfaction of the General Court of On Death of Directors of the Death of any one of ..., Interests, or other Real or Personal Property, the same or any Chose in Action, or any Interest of any kind in any Real or Operation a? it ......
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Books & Journal Articles
  • Property and Theft—Developments since Preddy
    • Nbr. 62-3, June 1998
    • Journal of Criminal Law, The
    ...... intangible property was the subject of the offence-namely a chose in action or credit balance belonging to the lender which was ......
  • Theft Act 1968, S. 15A: Obtaining Money Transfer by Deception
    • Nbr. 69-4, August 2005
    • Journal of Criminal Law, The
    ......4(1) speci fi cally includes ‘ things in action and other intangible property ’ . In Preddy the defendants were ...4(1) de fi nition of property, being a chose in action which belonged to an account holder and was exercisable against ......
  • ‘Obtaining property by deception’, mortgage fraud and funds transfer
    • Nbr. 5-1, January 1997
    • Journal of Financial Regulation and Compliance
    • 88-91
    The appellants had made mortgage applications to building societies and other lenders which contained false statements. The sums obtained by the appellants by way of mortgage advances were actually...
    ......THE ACTION The appellants had been charged with and convicted of obtaining or ...) includes money and all other prop-erty real and personal including choses in action and other intangible property. An appeals against conviction to ......
  • Court of Appeal
    • Nbr. 82-4, August 2018
    • Journal of Criminal Law, The
    ...... property, referred to as ‘monies’ on the indictment, as being a chose in action in the form of the right over money in a bank account. If the ......
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Law Firm Commentaries
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Forms
  • Chapter CG31940
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    ...... in the personal representatives, all that a legatee holds is a chose in action, being the right to have the estate correctly administered in ......
  • Chapter CG31971
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    ...... is made for valuable consideration then the assignee acquires a chose in action at the date of the assignment, being a right to the future ......
  • Chapter CG32000
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    ......An agreement to assign a future chose in action, see CG31940+, is only a good assignment when it is made for ......
  • Chapter CG31960
    • HMRC Guidance manuals
    • Formularios de Derecho Civil, Mercantil y Registral
    ...... the plaintiffs agree to give up their right to take further Court action in return for the variation being made. On a disposal of a future chose in ......
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