Loss of ownership
- By a voluntary act e.g. transfer
- Operation of law, e.g. death or bankruptcy
- Displacement by new owner (adverse possession).
- Destruction of tangible assets.
- Lapse of time or discharge for tangible assets.
- Extinction or forfeiture
Chose in action
- These are intangible rights which can only be enforced by court action.
- They are not capable of physical possession e.g. debts, patents etc.
Chose in possession
- These are tangible things or subject matter, capable of physical possession e.g.
- land, motor vehicles etc.
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