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Assignment by way of security: Difference between revisions
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{{anat|security}} | {{anat|security}} | ||
There's quite a bit more over at [[set-off]] and even more than that at [[netting | There's quite a bit more over at [[set-off]] and even more than that at [[netting]], ''and'' some stuff at [[equitable set-off]], too. Unless that's just a redirect to [[set-off]]. | ||
An [[assignment by way of security]] is an assignment which does not meet all the formal requirements for a [[legal assignment]] set out in the [[Law of Property Act 1925|Law of Property Act]]. So it's not as good. By definition it is an [[equitable assignment]] and not a [[legal assignment]], the differences relating to how an assignee enforces its claim against contracting party: a legal assignee can sue in its own name; and equitable assignee only by joining the assignor to the action (I know: shoot me, right?). | An [[assignment by way of security]] is an assignment which does not meet all the formal requirements for a [[legal assignment]] set out in the [[Law of Property Act 1925|Law of Property Act]]. So it's not as good. By definition it is an [[equitable assignment]] and not a [[legal assignment]], the differences relating to how an assignee enforces its claim against contracting party: a legal assignee can sue in its own name; and equitable assignee only by joining the assignor to the action (I know: shoot me, right?). | ||
===Do I need an [[assignment by way of security]] if I have a [[charge]]?=== | ===Do I need an [[assignment by way of security]] if I have a [[charge]]?=== | ||
Probably not, unless your the sort of person who wears two pairs of underpants in case one pair fails<ref>That old man despite all the hardships, still manages to put on a clean pair of underpants every day. | Probably not, unless your the sort of person who wears two pairs of underpants in case one pair fails<ref>That old man despite all the hardships, still manages to put on a clean pair of underpants every day. And you know? By the end of the week, he can’t get his trousers on. </ref>Both are [[Equitable security|equitable interests]], but a fixed charge is more formal. | ||
{{assignment and set off}} | {{assignment and set off}} | ||