Chose in action Definition

GLOSSARY

Published by a UU��ֱ�� Banking & Finance expert

What does Chose in action mean?

A right to something such as a payment of a debt or other contractual right that can be recovered through legal action

View the related practice notes about Chose in action

Transferring a loan by assignment

Transferring a loan by assignment This Practice Note explains one of the key ways a lender can transfer a loan under English law to another lender by assignment. The other key ways are: • novation—see Practice Note: Transferring a loan by novation, and • sub-participation or risk–participation—see Practice Note: Selling a loan by sub-participation A loan (which is a debt) is a chose in action. A chose in action is something which is recoverable by legal action (as opposed to something which is physically possessed). As a basic principle, choses in action cannot be assigned at common law. Assignments of choses in action are therefore either: • statutory—often referred to as 'legal' assignments because they have an equivalent effect to legal assignments, or • equitable Under English law, an assignment is a transfer of rights; it does not transfer obligations (in contrast to a novation—see Practice Note: Transferring a loan by novation). This Practice Note discusses: • requirements for a legal assignment • how legal assignments...

Goods mortgage—key security document provisions [Archived]

Goods mortgage—key security document provisions [Archived] ARCHIVED: On 14 May 2018, HM Treasury (HMT) published its findings after considering the responses it received to its consultation dated 22 September 2017 on the proposal to reform the Bills of Sale Acts. HMT announced, given the concerns that were raised in the consultation, the small and reducing market and wider work on high-cost credit, the government is not intending to introduce new legislation at this point in time. For more information, see News: Goods Mortgages Bill: HM Treasury’s response to consultation—LNB News 14/05/2018 28. As such, this Practice Note currently remains for background purposes only. On 23 November 2017, the Law Commission published its report on the Goods Mortgages Bill. The report contains the final version of the Bill and outlines the Law Commission’s recommendations in relation to it. Jacqueline Cook, member of the Lexis®PSL Banking & Finance consulting editorial board and senior professional support lawyer, in the finance practice of Stephenson Harwood LLP, London, provides an overview of some of...

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Employee Benefit Trust Deed

Employee Benefit Trust Deed FORTHCOMING CHANGE: On 18 July 2023, the government published a consultation on the use and effectiveness of the employee benefit trust (EBT) regime. The stated aim of the consultation was to ensure that the tax regime for EBTs remains focused on the objectives of rewarding employees and encouraging employee ownership, while preventing tax advantages being obtained through the use of these trusts outside of these purposes. The government’s proposed changes included legislating to ensure that persons connected to a participator must be excluded from benefit from an EBT for the lifetime of the trust in order for inheritance tax (IHT) exemption to be available, requiring a settlor to have held shares for at least two years prior to settling them into an EBT in order to obtain IHT exemption, and introducing a provision that no more than 25% of employees who are able to benefit from income payments under an EBT can be connected to participators in order for the EBT to benefit...

Ireland—Debenture: single company chargor—bilateral—all monies

Bilateral debenture for a chargor incorporated as a limited company in Ireland to secure the chargor’s obligations to the lender on an all monies basis Using this Precedent Debenture This is a precedent bilateral Debenture which can be used to take security over all of the assets of a company. This drafting note explains the context in which this precedent Debenture might be used as well as the features of this precedent Debenture and the assumptions on which it is based. Negotiating a security package—general principles A lender's primary concern is that it is repaid. If a borrower fails to repay a loan the lender may have to go to court to obtain a judgment for payment of the sum owed to it. Even if it obtains such judgment this does not mean that the lender will be repaid in full or even in part. For example, if the borrower is insolvent, the lender may have to share the borrower's available assets with other creditors and will only receive part...

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Does an allotment of shares in a company to the company's director require member approval under the substantial property transactions regime?

Does an allotment of shares in a company to the company's director require member approval under the substantial property transactions regime? In the context of this Q&A, the company is a private company limited by shares and that the company will not be allotting shares at a discount (in accordance with section 580(1) of the Companies Act 2006 (CA 2006)). Furthermore, the company’s articles of association (and other constitutional documents) do not contain any provisions requiring member approval in relation to an allotment of shares to the directors. Subject to certain exceptions, member approval is required for substantial property transactions between a company and its directors as these transactions are particularly open to abuse. Under CA 2006, s 190, an arrangement must be approved by a resolution of the members of the company, or be conditional on such approval being obtained, where: • a company acquires (or is to acquire) a substantial non-cash asset from a director of that company (or that company’s holding company) or a person...

What are the rights of residuary beneficiaries to interim payments prior to the settling of any liability to IHT and must the PRs wait for the sale of assets before being liable to pay that IHT? Also, what are the rights of residuary beneficiaries to request information and dispute invoices raised by solicitor executors?

What are the rights of residuary beneficiaries to interim payments prior to the settling of any liability to IHT and must the PRs wait for the sale of assets before being liable to pay that IHT? Also, what are the rights of residuary beneficiaries to request information and dispute invoices raised by solicitor executors? The rights of residuary beneficiaries to interim payments prior to the settling of any liability to IHT Under section 44 of the Administration of Estates Act 1925 (AEA 1925), personal representatives (PRs) have at least a year from the date of death before beneficiaries can call on them to distribute any part of the estate. While the estate is being administered, the ownership in the deceased's unadministered assets lies in the PRs for the purposes of administration, without any distinction between legal and equitable interests. No beneficiary in the meantime, whether under the deceased's Will or intestacy has any proprietary interest in any particular asset comprised in the unadministered estate. The beneficiary's...

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Banking and Finance weekly highlights—3 October 2024

This week's edition of Banking and Finance weekly highlights includes: (1) Our-round up of key cases from July to September 2024; (2) the UK Government revokes the commencement of section 6 of the Retained EU Law (Revocation and Reform) Act 2023; and (3) the BoE, FCA and RFR Working Group issues statement on the end of LIBOR.

Private Client weekly highlights—3 October 2024

This week’s edition of Private Client highlights includes: (1) Re PG, Serious Medical Treatment, which contains analysis of the complex and challenging clinical issues surrounding the investigation and treatment of cancer where P lacks or may lack capacity; (2) The direct payment scheme for IHT has been extended to investment providers; (3) Little v Olympian Homes Ltd in which the court considered whether email correspondence or the party’s conduct gave rise to a waiver of a party’s entitlement to contractual interest; (4) Taylor v Savik, an insolvency case which considered, inter alia, the doctrine of sham and the law relating to resulting trusts; (5) Marcus v Marcus, in which the court held that a stepchild could be regarded as a child of the settlor and therefore be included in the class of beneficiaries, and (6) D’Aloia v Persons Unknown Category A and others, in which the stablecoin Tether was held to be property in a landmark judgment that considers the tracing of cryptoassets.

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