Debts

Abstract This chapter examines the legal nature of debts as a unique form of contractual obligation, focusing on their definition, formation, and treatment under English law. It explores debt instruments, jurisdiction, and choice of law issues in private international law, and distinguishes present, future, and contingent debts. The chapter analyses debt actions and differentiates them from actions for damages, and discusses the legal implications of payment, including money, set-off, and interest. It identifies various debt classifications such as book debts and explains the structure and features of syndicated loans involving multiple lenders. Finally, the chapter addresses the treatment of debts as property, emphasizing their status as indivisible choses in action and clarifying the effects of assignment, co-ownership, and the distinction between debts and contractual rights.