CHOSE IN ACTION, in the law of England, is that kind of property which consists not in possession, but iu the legal right to possess. As this right can, in general. be vindicated and made available only by means of an action, the property to which it relates, whether real or personal, is called a thing (res or chose) in action, to distinguish it from a thing already in possession. Money clue upon bonds and bills, goods bought and not yet delivered, are examples of choscs in action. as is also the right to compen sation for damage occasioned by breach of contract. "By the strict rule of the ancient common law, no chose of action could be assigned or granted .over, because it was thought to be a great encouragement to litigiousness, if a man were allowed to make over to a stranger his right of going to law. [See ClIAMPERTY.] But this nicety is now not so far regarded as to render such a transaction really ineffectual. It is, on the con trary, in substance. a valid and constant practice: though, in compliance with the ancient
principle, the form of assigning a chose in action is in the nature of a declaration of trust, and an agreement to permit the assignee to make use of the name of the assigner, in order to recover possession. .. . The king is an exception to this general rule. for ho might always either grant or receive a chose in action by assignment; and our conrts of equity, making tile rule itself give way to the expediency, in a commercial point of view, of facilitating, the transfer of property, allow the assignment of a chose in action as freely and directly as the lam does that of a chose in possession."—Stephen's Commen taries. ti. p. 45. One would imagine that the more convenient and philosophical arrange ment would be, by the interposition of the legislature, to make law conform at once to equity and expediency.