The last time it happened to me, I was descending through 5000 when ATC told me, "5ZC, traffic 10 o'clock, 4 miles, type unknown, altitude indicates 5000."
I acknowledged, but couldn't spot the traffic. A moment later: "5ZC, traffic now 10 o'clock, 2 miles, altitude indicates 4700."
"5ZC is expediting descent." I backed off the throttle and pushed the nose over. The Zodiac dropped fast, and the other guy passed above me by a couple of hundred feet.
I don't care about the legal niceties. I'm going to save my life first, and worry about those later. Depending on the other guy to do the right thing is a good way to get killed, on the ground or in the air.
You don't see that you did a double chase to get below him? What if he would have descended again as well?