“Chose in possession” is a legal term referring to a tangible or physical item of property that a person holds or possesses. This term is commonly used in property law to distinguish between different types of personal property rights. A chose in possession is a property right that allows its holder to physically possess and control the item, such as a car, jewelry, or furniture. It contrasts with a chose in action, which refers to intangible property rights, such as debts, contractual rights, or intellectual property, that can be enforced through legal action but do not involve physical possession. Chose in possession rights typically arise from ownership or possession of physical objects and may include the right to use, enjoy, and dispose of the property within the limits of the law.
Another term for ‘thing in possession’.
See: thing in possession, thing in action, chose in action.
Chose in possession” refers to a type of personal property that is physically held or possessed by an individual or entity. It includes tangible assets like vehicles, jewellery, or furniture.
While “chose in possession” refers to physically held property, “chose in action” refers to intangible assets such as debts, rights, or claims that can be enforced through legal action.
Yes, a chose in possession can be sold or transferred to another party through a legal process such as a sale, gift, or assignment. However, certain legal requirements and documentation may be necessary, depending on the jurisdiction.
Generally, there are no specific restrictions on owning a chose in possession. However, certain types of property may be subject to regulations or licencing requirements, such as firearms or controlled substances.
Yes, a chose in possession can be used as collateral for a loan. This allows the lender to take possession of the property in case the borrower defaults on the loan. However, specific legal agreements and documentation are required to establish the terms and conditions of the collateral.
Depending on the jurisdiction, there may be tax implications associated with owning a chose in possession. For example, certain types of property may be subject to property taxes, sales taxes, or capital gains taxes upon sale or transfer.
To protect your chose in possession from legal issues, it is advisable to maintain proper documentation, such as purchase receipts, ownership certificates, or insurance policies. Additionally, consulting with legal professionals and ensuring compliance with relevant laws and regulations can help mitigate potential legal risks.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 10th April, 2024.
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