Chose in action

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(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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Restatement (Second) of Agency, [section]13, Comment b, and [section]14G, Comment a (an agency relationship is created when a principal assigns a chose in action to an assignee for collection and grants the assignee a security interest in the claim against the assignor's debtor, to compensate the assignee for his or her collection efforts).

Supreme Court decides contingent fee cases by O'Driscoll, David / The Tax Adviser

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