Chose In Action

Chose in Action

Personal rights of property which can only be claimed or enforced by action and not by taking physical possession (as distinct from choses in possession, things capable of physical possession). Divided into legal and equitable choses in action, depending on whether they can be recovered or enforced by action at law (such as debts, insurance, claims of shares in a corporation) or, formerly, only by a suit in equity (such as an interest under a trust).