Legal assignment: Difference between revisions

Revision as of 15:39, 8 March 2018

A word about credit risk mitigation

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Legal security: Mortgage • Pledge • Lien • Bailment Equitable security: Charge • fixed • floating \| ABWOS \| Equitable lien Credit risk mitigation: Title transfer \| Guarantee \| Letter of credit \| Netting Friends and relations: Rehypothecation \| Equivalent Documents: 1994 NY CSA \| 1995 CSA \| 1995 ISDA CSD (English law) Regulation: LPA 1925 \| Financial Collateral Regulations \| LPMPA 1994 Index: Click ᐅ to expand: Taking security Security Collateral

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In a game of legal contract top trumps, a legal assignment beats an equitable assignment, except in the “fewest formalities needed to work” category, because it must meet certain formalities set out in the Law of Property Act 1925:

it must be absolute (unconditional).
it mustr not not be by way of charge or security only: an assignment by way of security cannot be a legal assignment.
The rights assigned must be wholly ascertainable and must relate to the whole of the chose in action.
It must be in writing and signed - no deemed acceptance by conduct here, friend.
The party whose obligations are being assigned must be given notice of the assignment.

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-In a game of [[legal contract top trumps]] a [[legal assignment]] beats an [[equitable assignment]], but must meet certain formalities set out in the [[Law of Property Act 1925]]. :
+{{anat|security}}
+In a game of [[legal contract top trumps]], a [[legal assignment]] beats an [[equitable assignment]], except in the “fewest formalities needed to work” category, because it must meet certain formalities set out in the [[Law of Property Act 1925]]:
 *it must be absolute (unconditional).
 *it mustr not not be by way of [[charge]] or security only: an assignment by way of security cannot be a [[legal assignment]].