Legal Definitions - in action

The term in action refers to a type of property or a right that cannot be physically possessed but exists as a legal claim. To obtain or recover this property, legal steps, such as filing a lawsuit, are necessary. It represents a right to something that must be pursued through the legal system, rather than something that can be physically held or immediately transferred.

• Example 1: Unpaid Loan

  Imagine a small business that borrowed a significant sum of money from a bank. If the business fails to repay the loan according to the agreement, the bank has a legal right to that money. This right to the outstanding debt is considered property "in action." The bank doesn't physically possess the money; instead, it holds a legal claim that requires it to initiate legal proceedings, such as a lawsuit, to compel the business to repay the debt.

• Example 2: Personal Injury Claim

  Consider a situation where someone is severely injured in a car accident due to another driver's negligence. The injured person has a right to compensation for their medical bills, lost income, and pain and suffering. This right to financial recovery is property "in action." They cannot simply demand or physically take this money; they must pursue a legal claim, typically through a personal injury lawsuit, to recover these damages from the at-fault driver or their insurance company.

• Example 3: Copyright Infringement Damages

  Suppose an independent musician discovers that a large corporation has used their copyrighted song in a commercial without permission. The musician has a legal right to be compensated for the unauthorized use of their intellectual property and to recover any profits the corporation made from the infringement. This right to financial compensation is property "in action." The musician cannot physically reclaim the profits or stop the commercial directly; they must file a copyright infringement lawsuit to enforce their rights and obtain the damages owed to them.