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Strictly speaking a chose-in-action is a right to, but not possession of, property or a sum of money; taking possession may be contingent on some event. The right can be enforced in a court of law. Examples of choses-in-action are debts, negotiable instruments mortgages, insurance policies, warrants. A particular quality of a chose-in-action is that it can be assigned to another person, though this may be conditional upon permission being obtained from some other party.

Reference: The Penguin Business Dictionary, 3rd edt.