Legal background to trusts & estates: the law in England & Wales - choses in possession & choses in action
There are two groups of chattels personal (TSEM6015) - choses-in possession and choses in action.
Choses in possession
Choses in possession are tangible property, transferred by assignment, or by manual delivery.
|* clothes||* stock-in-trade|
|* furniture||* plant and machinery|
|* personal effects||* live and dead stock|
Choses in action
Choses in action are intangible property - rights of action to obtain money. They are transferred by documents.
|* loan debts||* insurance policies|
|* bank balances||* copyright|
|* negotiable instruments||* patents|
|* holdings in companies||* interests in other estates|
|* partnership interests||* options|