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thing in action

Last modified: Thu Feb 23 16:37:38 2006

A `thing in action' is a PropertyRight that has no intrinsic value, but whose value derives from the right to sue in respect of it. The term is quite wide-ranging. For example, a cheque for £20, for example, is not worth £20 in itself, but it gives rise to a right to sue for the £20. A copyright or trademark symbol has no intrinsic worth, but may be very important to the organization that `owns' it. Things in action include, in the limiting case, rights to repayment of money loaned, and contractual obligations.

Things in action have similar legal properties to tangible property; they have a value which can be bought and sold; and can be inherited and passed from one owner to another (with certain complications: see: PassageOfTitle). In constrast, the right to sue in respect of compensation for injury is a PersonalRight, not a property right, and therefore not a thing in action. This is because such a right has no notion of transmissibility. In the UK, at least, it cannot be passed from one person to another.

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