Voucher by warranty (x).

The benefit of an obligation arising under a contract (y). Presumably, a copyhold fine (z); reliefs (a); and heriots (a).

Bills of exchange, promissory notes, cheques, and negotiable instruments generally (b).

Exchequer bills to bearer, or tallies (c), and, presumably, navy bills, dividend warrants of the bank, East India bonds, &c. (d).

Bank-notes (e).

Government tallies (ƒ).

A fund payable out of the Exchequer for public services (g).

Stock in the public funds (h).

Policies of insurance and assurance of every kind (i).
A share in an ascertained fund (j).

A share in stock (), and a reversionary interest in a sum of stock (1).

Shares in a joint stock company (m), a contract for

(x) Blount, Law Dict. Choses; Co. Litt. 117a.

(y) 2 Bl. Comm. 397, 436; Brice v. Bannister, 3 Q. B. D. 569; Walker v. Bradford Bank, 12 Q. B. D. 511.

(z) Shuttleworth v. Garnet [1689], 3 Lev. 261, 262.

(a) Andrew Ognel's Case, 4 Co. 49b; Co. Litt. 47b, 83a, b, 162b; 1 Watk. Cop. 322, note (ƒ); 1 Wms. Exors. 732.

(b) Ryall v. Rowles, 1 Wh. & T. Eq. 96, and notes; Master v. Miller, 4 Term. Rep. 340-1; 2 R. R. 399; Williams, Pers. Prop.; Goodeve, Pers. Prop. ; L. Q. R. x. 310; Colonial Bank v. Whinney, 30 Ch. D. 270.

(c) Wookey v. Pole, 4 B. & Al. 1; 22 R. R. 594.

(d) 2 Geo. II. c. 25, s. 3. (e) Id.; and 1 Hawk. P. C. 339.

(f) Snelgrave v. Bayley [1745],

Cases, t. Hardwicke, 202; 3 Atk.

214.

(g) Row v. Dawson [1749], 1 Ves. 331.

(h) Dundas v. Dutens [1790], 1 Ves. Jun. 197; 1 R. R. 112; Wildman v. Wildman [1803], 9 Ves. Jun. 177; 7 R. R. 153; Rex v. Capper [1817], 5 Price, 217, 266; 19 R. R. 568.

() 1 T. R. 26; 1 R. R. 141; Ex parte Ibbetson [1878], 8 Ch. D. 520; King v. Victoria Insurance Co., 65 L. J. P. C. 38; (1896) Ap. Ca. 250; Goodeve, Pers. Prop. 150, 155, 157, &c.

(j) Honner v. Morton [1823], 3 Russ. 68; 27 R. R. 15.

(k) Curtis v. Sheffield [1836], 8 Sim. 176; In re Butler's Trusts, 38 Ch. D. 289, 295; R. v. Capper, 5 Price, 217; 19 R. R. 568. (1) Id.

(m) Humble v. Mitchell [1839], 11 A. & E. 205, 208; 2 Rail. Ca. 70; 3 P. & D. 141.

railway shares (m), canal and railway shares (n), and now presumably all shares in any kind of company (0), but Bacon, C.J., is reported to have held that shares in a company are not "things in action" within sect. 15 of Bankruptcy Act, 1869, although it is difficult to discover any ground on which such a decision could be supported, since the individual shareholders have no interest in possession in the property of an incorporated company (p). The question whether particular shares were or were not choses in action has generally been determined by the construction to be placed upon certain statutes whereby they receive their force or existence, or within the operation of which it has been sought to bring the shares, e. g., 7 & 8 Vict. c. 110; sect. 15, sub-sect. 5, Bankruptcy Act, 1869 (g); and it is submitted that each case must still stand upon its own merits.

Share in a partnership (»).

A dividend on a share (s).

A dividend warrant (t).

Generally speaking, debentures, mortgage debentures, and debenture stock (u).

(m) See note (m) ante, p. 21. (n) Williams, Pers. Prop. 13. (0) Colonial Bank v. Whinney, 11 Ap. Ca. 426; 30 Ch. D. 261, &c. ; see, also, cases quoted therein; and Robinson v. Jenkins, 24 Q. B. D. 279, 280; Tempest v. Kilner, 2 C. B. 308.

(p) Ex parte Union Bank of Manchester, L. R. 12 Eq. 354; but see also Ex parte Barry, L. R. 17 Eq. 113; Ex parte Rensburg, 4 Ch. D. 685.

(4) Id.; and also Société Générale de Paris v. Tramways Union Co., 14 Q. B. D. 424, 451; Ex parte Richardson, Mont. & Ch.

43; Ex parte Agra Bank, L. R. 3 Ch. 555.

(r) Ex parte Fletcher, In re Bainbridge, 8 Ch. D. 218; Small v. Oudley, 2 P. Wms. 427; Tempest v. Kilner, 3 D. & L. 407; 2 C. B. 300; Darby v. Darby, 3 Drew. 495, 503.

(s) Colonial Bank v. Whinney, 30 Ch. D. 261.

(t) Id.; Dalton v. Midland Counties Railway [1853], 13 C. B. 478.

(u) In re Northern Assam Tea Co., Ex parte Universal Life Assurance Co., L. R. 10 Eq. 462, 463; In re Pryce, Ex parte Rensburg, L. R. 4 Ch. D. 685.

Dividends on bank stock (v).

In a recent case Jessel, M. R., expressed his doubts as

to whether French or Italian bonds were choses in action. He said: If a man died possessing nothing but French or Italian bonds no one would say that he had died without any property. Such bonds are not choses in action in the ordinary sense (w). But it is submitted that this obiter dictum cannot be cited as an authority against foreign bonds being brought under the category of choses in action, and certainly since the decision in The Colonial Bank v. Whinney (x) it may with much show of reason be maintained that foreign bonds come within the designation of choses in action. For bonds of foreign governments, payable to bearer, have been held to be negotiable instruments where a custom was proved to treat them as such in English markets (xx). A fund in Court has been held to be a chose in action (y), so, also, the right of a fund-holder in the public

funds (2).

Trust funds are choses in action (a).

As debentures are issued for a fixed amount, e.g., 50l. or 1007., many companies, for the convenience of lenders, issue debenture stock instead, which is issued for any amount. Railway and other under companies, constituted

Acts incorporating the Companies Clauses Acts, are empowered to raise part of their authorized loan capital by issuing "debenture stock" in prescribed form. See 8 & 9 Vict. c. 16, ss. 45-47, 49; 26 & 27 Vict. c. 118, ss. 22, 34; 29 & 30 Vict. c. 108, ss. 10, 14-18; 30 & 31 Vict. c. 127, s. 26; 32 & 33 Vict. c. 48, ss. 1-4.

(v) McCarthy v. Goold, 1 Ball & Beat. 387, 389.

(w) Ex parte Huggins, In re Huggins, 21 Ch. D. 90. (x) 11 Ap. Ca. 426.

(xx) Gorgier v. Mieville, 3 B. & C. 45; 27 R. R. 290; Goodwin v. Robarts, L. R. 10 Ex. 76, 337; 1 Ap. Ca. 476.

(y) Cockell v. Taylor, 15 Beav. 103; 21 L. J. Ch. 545; Mangles v. Dixon, 3 H. L. C. 702; Barnard v. Hunter, 2 Jur. N. S. 1215.

() Dundas v. Dutens [1790], 1 Ves. Jun. 196; 7 R. R. 153; Rex v. Capper [1817], 5 Price, 217; 19 R. R. 568.

(a) Williams, Pers. Prop. 6; Piggott v. Stewart [1895], W. N.

69.

Legacies (b), and, semble, claims against the estate of deceased persons generally.

A mere expectancy, or possibility of an interest, or estate in a term of years (c).

Mortgage deeds, being securities for the payment of money, are choses in action (d).

A charter-party (e).

A bill of lading (ƒ).

A ticket in a Derby sweepstakes (g).

The right of a lessee in equity to be relieved against a forfeiture of the lease is a chose in action, within

the meaning of sect. 50, Bankruptcy Act, 1883, which vests in his trustee in bankruptcy, by whom it may be sold and assigned ().

An equitable interest in a fund under a will, is a chose in action ().

So, too, a reversionary share of a trust fund (j).

A reversionary interest in pictures under a will (). The rights and remedies of a letter-to-hire under a hiring agreement have been deemed to be a chose in action (1).

An assignor's right to be indemnified by an assignee against the covenants in a lease assigned, is a chose in action ().

(b) Grosvenor v. Lane, 2 Atk. 180; Jennings v. Bond, 8 Ir. Eq. R. 755; Seys v. Price, 9 Mod. 217.

(c) Hobson v. Trevor [1723], 2 P. Williams, 191; Tomlins, Law Dict. Choses; Flower v. Buller [1880], L. R. 15 Ch. D. 665. (d) R. v. Powell, 21 L. J. M. C. 79; 2 C. C. R. 403.

(e) Boyd v. Mangles [1847], 16 M. & W. 342; Mangles v. Dixon, 1 Mac. & G. 437.

(f) Williams, Pers. Prop. 119, 513; Goodeve, Pers. Prop. 69, 185; and see R. v. Powell, supra; Caldwell v. Ball, 1 T. R. 205, 216; 1 R. R. 187.

NOTE. If a bill of lading, or mortgage deed, why not a pawnticket? See per Parke, B., 13 M. & W. 481.

(g) Jones v. Carter [1845], 8 Q. B. R. 138; but see May v. Lane [1894], 64 L. J. Q. B. 236. (h) Howard v. Fanshawe, (1895) 2 Ch. 581.

(i) In re Freshfield's Trust, 11 Ch. D. 200; Dearle v. Hall, 3 Russ. 11; 27 R. R. 1.

(j) In re Bright's Settlement, 13 Ch. D. 413; Hobly v. Collins, 4 De G. & Sm. 289.

(k) Ex parte Singleton [1889], 61 L. T. 301.

(1) Ex parte Rawlings, Rawlings v. Pipe [1889], 60 L. T. 158; Re Davis, Ex parte Rawlings [1889], 22 Q. B. D. 195, but distinguished from In re Isaacson, Ex parte Mason, (1895) 1 Q. B. 333.

(1) In re Perkins, Poyser v. Beyfus, (1898) 2 Ch. 182.

Claims against directors for misfeasance have been held to be choses in action, within the meaning of the Companies Act, 1862, s. 95, sub-s. 3 (m).

The reversionary interest under a will or settlement (»). A bare right to file a bill in equity (0).

A share in the personal estate (for example, engravings) of a person who dies intestate (p).

The income of a feme covert's life estate in certain funds (9).

A right of action for tort is also a chose in action (r).
A right of action for breach of contract (s). Blackstone

says: Upon all contracts or promises, either
express or implied, and the infinite variety of
cases into which they are and may be spun out,
the law gives an action of some sort or other to
the party injured in case of non-performance; to
compel the wrongdoer to do justice to the party
with whom he has contracted, and, on failure of
performing the identical thing he engaged to do,
to render a satisfaction equivalent to the damage
sustained. . . . the recompense for this damage
is a chose in action (t).

And presumably, pensions, full-pay, and half-pay (u). So, too, the better opinion classifies patents, copyrights, [trade-marks ?], and similar rights among choses in action (v).

(m) In re Park Gate Waggon Works Co., 17 Ch. D. 234; 44 L. T. 901; 30 W. R. 20.

(n) Le Vasseur v. Scratton, 14 Sim. 116; Hornsby v. Lee, 2 Madd. 16; Re Insole, L. R. 1 Eq. 470; Robinson v. Bavasor, 3 Viner, Abr. 155, pl. 29.

(0) Prosser v. Edmonds, 1 Y. & Coll. 481.

(p) Widgery v. Tepper [1878], 26 W. R. 547; Re Barber, Dardier v. Chapman, L. R. 11 Ch. D. 442; 27 W. R. 813; Bates v. Dandy, 2 Atk. 207.