Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Chose in action definition

What does Chose in action mean? A chose in action is a personal right to obtain money, performance, or damages by bringing legal proceedings, rather than a physical asset you can possess. It covers intangible property such as debts and receivables, contractual rights, bank balances, shares, insurance proceeds, intellectual property rights and claims for damages. The term is a common law descriptive expression, recognised across England & Wales, Scotland, Northern Ireland and Ireland, and generally not defined by statute. Statutes and case law regulate transfer and enforcement. In England and Wales, legal (statutory) assignment of debts and other choses in action is available under the Law of...

Security over Contractual Rights: Statutory vs Equitable Assignments, Charges, Notice, Anti-assignment Clauses, Set-off, Drafting, Enforcement, Perfection and Priority (England and Wales)

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Practice notes

This Practice Note considers the taking of security over contractual rights in broad terms and at a high level. It covers:

commonly used techniques for creating security over rights arising under contracts
principal provisions to review in the agreement to be assigned, including governing law, restrictions on assignment and contractual set-off rights
essential terms to be included within the security instrument
practical points relating to serving notice of the security on the counterparty to the contract
perfection and priority considerations and related matters

Further detail on assignments by way of security, including how statutory and equitable assignments differ and why notice is served, appears in Practice Note: Assignments by way of security.

What are contractual rights and when is security taken over them?

What is meant by contractual rights? In essence, rights under contracts are intangible assets rather than tangible property such as goods or land. They are classed as a chose in action, meaning they are recoverable through legal proceedings...

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Web page updated on 21/05/2026

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