A selected possession refers to a set of rights and remedies (which are inextricably linked in England), an object of tangible personal property that can be physically owned by the owner and transferred by delivery. Relationship, or rather the capacity for apparent control and domination, is required as the basis of the allegedly chosen property. This is impossible with non-derogable rights. Ownership and ownership techniques are of little relevance to modern financial markets, but still play a vital role in commercial and personal lending.  Therefore, a chosen possession refers not only to the right to enjoy or possess a thing, but also to the real or de facto enjoyment of it. Possession may be absolute or qualified. It is absolute if the person is fully and completely the owner or owner of the thing; It is considered qualified if it “does not have an exclusive right or a permanent right, but a right that may sometimes exist and cannot exist at other times”, as in the case of animals made naturae (“wild” or wild). A chosen property is freely transferable by discount. Prior to the Married Women`s Property Act of 1882, a woman`s habits passed to her husband immediately after marriage, while her chosen ones did not belong to her husband until he took possession of them.
However, this difference is practically obsolete today.  Chose (pronounced: /ʃoʊz/, French for “thing”) is a term used in the common law tradition to refer to property rights, specifically a combined set of rights.  An election describes the right of execution that a party has over an object. The use of choice extends from the English use of French in the courts.  In English and Commonwealth law, all personal effects fall into one of two categories: in action or in possession.  English law uses the choice to refer to a set of rights traditionally linked to property that may be used in certain circumstances. Thus, an elected lawsuit refers to a set of personality rights that can only be enforced or claimed by an elected owner who takes legal action in court to assert the claim. In English law, this category is extremely broad.  This contrasts with an elected possession, which represents rights that can be enforced or acquired through the physical possession of the chosen one. This may be, for example, a legal hypothec.  Both in possession and in action create distinct property interests. What differs between each is the method by which each selection can be applied.
It depends on the possessive nature of the reference object.  These requirements are important because they prevent the assignee from bringing a debt suit without notice. Until the debtor terminates, set-offs continue to occur between the assignor and the debtor, the debtor does not know how to pay anyone other than the assignor; and the assignee may lose precedence over subsequent assignees who give notice.  The difference between current and future decisions in action has been compared to the difference between a tree and its fruit. Prior to that date, equitable courts could not enforce a judicial decision and vice versa. Accordingly, with these exceptions and certain statutory exceptions (e.g., insurance policies), an action against an assigned dispute must have been brought on behalf of the assignor, even if the amount recovered belonged to the assignee in equity. All elections in action are equitable to be transferable, except those that are not assignable in their entirety, in equity that the assignee could have pursued in its own name, the assignor having become a party as a co-plaintiff or defendant. Judicial laws have rendered meaningless the distinction between legal and fair decisions.
Section 25 § 6 of the Judiciary Act 1873 provided that title to a claim or other choice of law could be transferred by absolute written assignment to the assignor.  This was later updated by the Law of Property Act 1925 s136, which provided that the assignment  In the United States, the Supreme Court in Mullane v. Central Hanover Bank & Trust Co. held that a property right could be transferred in a cause of action over the property, and later in Logan v. Zimmerman Brush Co., in an action for discrimination.  In practice, apart from bankruptcy, there is little difference between the usefulness of the vote in possession and that of an elected official in action. However, selective ownership is particularly important in terms of insolvency, as ownership of the asset allows collateral to be asserted regardless of the solvency of the business. If an asset (1) is unique and cannot be replicated, such as shares of a company that are controlled by the board of directors; (2) a share of ownership, taking into account the profit of the object originally due; or (3) procedural remedies; If it exists, a choice of possession will be crucial for execution. Examples of chosen actions are an heir`s right to a right in the estate of his testator; the right to claim damages for a breach; and an employee`s right to unpaid wages. Choices in Action are particularly crucial for the transfer of rights and therefore play a crucial role in the functioning and coordination of financial markets. Some rights, such as the right to withdraw from a mortgage, are a right of action, but not a right of choice or part of it that can be assigned.  As the category is often interpreted broadly, there have been many attempts to broaden the category so that new intangible assets can fall within the category chosen in the action.
A chosen term is a general term used to describe a property right or the right to own something that can only be obtained or enforced through legal action. It is used, on the other hand, to choose in possession, which refers to cases where ownership of money or property belongs to one person, but possession is held by another. Things in action are like things that are possessed. For example, a contractual right to recover money is a thing in action, while a book or chair is a thing in possession. A decision in action or a matter in action is a right to sue. Since Torkington v Magee, it has become a commonplace law which is a chosen legal term used to describe all personal property rights that can only be claimed or enforced through litigation. It is therefore a categorization of assets whose execution cannot be ensured without judicial intervention.  It is an intellectual property right recognized and protected by law, which does not exist without the recognition provided by law and which does not confer common possession of tangible property.  Since intangible assets such as receivables for debt repayment or assigned rights cannot be possessed in contracts, they cannot be classified as possession.  In certain circumstances, the chosen measure creates an independent property right, independent of the property to which it may relate.  This new property may be taxable or allocated. For example, the right to enforce and receive a debt, to receive money as damages for breach of contract, or to receive compensation for an injustice is a decision in action.
This has two consequences: first, claims that cannot be enforced by the chosen holder without legal action. Second, these examples can be self-assigned, renewed, or otherwise used by the selected owner.  Where the economic value of the property is the right of action. Historically, documents that represented a security for a particular type, such as debt securities or other intangible documentary assets, were themselves selected in possession because, like promissory notes, they were negotiable and could therefore be physically seized. That is, they were transferred only by handing over the document itself. Today, most bonds and other financial instruments are dematerialized and issued as a single global note. As a result, most of the financial instruments held by the economic party against the broker holding assets in a securities custodian such as CREST, where investors hold shares nested in trusts, are now chosen in shares, rather than the bond actually issued.  With the development of dematerialized securities, the circle of certain objects that are now called “chosen in action” is closing, such as bonds or bills of lading, which the court first developed as choices in action and which no longer function as choices in possession without the use of a negotiable instrument. Currently, claims treated as “locked up” in the newspaper include privileges, court documents and bail.
From: selected in Action in A Dictionary of Business and Management » The choice can be legal or fair.