A right of pre-emption granted over land was property. It had value and was capable of assignment, and was therefore a chose in action. As such it was vested the trustee in bankruptcy on the insolvency of the owner of the right. It may be difficult to value, and might not become exercisable, but it remained property.
Times 22-Mar-2001,  EWCA Civ 277
Insolvency Act 1986 436
England and Wales
Updated: 23 December 2020; Ref: scu.135547