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Assignment: Difference between revisions
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{{a| | {{a|contract|}}The act of unilaterally passing your [[right]]s, but not your [[obligation]]s, to some other fellow. | ||
'''Rights''': As a matter of {{t|contract}} law, one ''can'' assign one’s rights without one’s [[counterparty]]’s consent (broadly speaking, why should she care?), unless your [[contract]] states that you cannot, in which case you cannot. | '''Rights''': As a matter of {{t|contract}} law, one ''can'' assign one’s rights without one’s [[counterparty]]’s consent (broadly speaking, why should she care?), unless your [[contract]] states that you cannot, in which case you cannot. | ||
'''Obligations''': One ''cannot'' unilaterally [[assign]] one’s obligations to anyone without one’s [[counterparty]]’s consent. This stands to reason, since another chap might not be as skillful, creditworthy or personally attractive as you. Therefore your [[counterparty]] must consent, and if {{sex|she}} does, it is called a “[[novation]]”. | '''Obligations''': One ''cannot'' unilaterally [[assign]] one’s obligations to anyone without one’s [[counterparty]]’s consent. This stands to reason, since another chap might not be as skillful, creditworthy or personally attractive as you. Therefore your [[counterparty]] must consent, and if {{sex|she}} does, it is called a “[[novation]]”. | ||
===Equitable and legal assignments=== | |||
*The assignee of a [[legal assignment]] can bring an action against the debtor in its own name. A ''legal'' assignment is stipulated by Section 136 of the [[Law of Property Act 1925]]. There are certain formal requirements but it must be the whole debt, it must be in writing, signed by the assignor, must be unconditional, and the debtor must be notified. If effectively assigned, the debtor’s obligation is to the assignee and not the assignor. This can give certain people the hives, as regards [[AML]] and so on. | |||
*An ''equitable'' assignment, the assignee is going to need the assignor’s help. | |||
===General bar against assignment=== | |||
It is quite common to see [[broker]] and service provider contracts refusing to let people assign their rights, at least, not without consent. It isn’t clear why anyone should be so exercised about it. | |||
{{assignment and set off}} | {{assignment and set off}} | ||
===Subrogation rights?=== | |||
'''What about [[subrogation]] rights under a [[guarantee]]?''' | '''What about [[subrogation]] rights under a [[guarantee]]?''' | ||
{{subrogation setoff}} | {{subrogation setoff}} | ||
{{sa}} | {{sa}} | ||
*[[Assignment clause]] | |||
*[[Assignment by way of security]] | *[[Assignment by way of security]] | ||
*[[Novation]] | *[[Novation]] | ||