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Chose in action

   Also found in: Legal, Wikipedia 0.01 sec.
(Law) See Chose.
a thing of which one has not possession or actual enjoyment, but only a right to it, or a right to demand it by action at law, and which does not exist at the time in specie; a personal right to a thing not reduced to possession, but recoverable by suit at law; as a right to recover money due on a contract, or damages for a tort, which can not be enforced against a reluctant party without suit.

See also: Action Chose



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Nevertheless, Ohio decided that coverage can be assigned (at least in the indemnification context) once the loss is reduced to a chose in action.
29) The property component of the chose in action is linked to the property that a rightholder would win in a suit.
 
 
 
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