An account is a chose in action.Originally Posted by Seosaidh
Chose is French ... meaning thing.
An action is a suit or lawsuit.
Lawsuits at common law were called actions for the actions were considered more important than the claim.
Doesn't do much good being a creditor if the debtor doesn't act to repay, does it?
A chose in action is a type of right.
A chose in action is also a right to sue for recovery.
Taxes due to the English King were a chose in action.
Once paid, the payment become a chose in possession.
An account is a type of chose in action giving the grantor the right to sue the grantee for failure to satisfy the account.
If there is a balance outstanding on an account that hasn't been paid in awhile, the grantor or creditor will go to court for recovery of monies owed.
THIS ... is why you want to be careful which accounts you open.
A name creates an account for administering credits and debits upon you. In this case, the credit and debits are charges, reputation, etc.
If you need citations for anything I've said, let me know. I have them for everything except the last sentence. It is conjecture.
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