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Legal assignment: Difference between revisions
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{{anat|security}} | {{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]]: | In a game of [[legal contract top trumps]], a [[legal assignment]] ''marginally'' beats an [[equitable assignment]], except in the “fewest formalities needed to work” category, because it must meet certain formalities set out in [http://www.legislation.gov.uk/ukpga/Geo5/15-16/20/section/136 Section 136] of the [[Law of Property Act 1925]]: | ||
*it must be absolute (unconditional). | *it must be absolute (unconditional). | ||
*it must not not be by way of [[charge]] or security only: an [[assignment by way of security]] is an [[equitable assignment|equitable]] and not a [[legal assignment]]. | *it must not not be by way of [[charge]] or security only: an [[assignment by way of security]] is an [[equitable assignment|equitable]] and not a [[legal assignment]]. | ||
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*It must be in writing and signed - no deemed acceptance by conduct here, friend. | *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. | *The party whose obligations are being assigned must be given notice of the assignment. | ||
but other than having a right to sue in your own name, it is hard to see the practical advantage of a [[legal assignment]] over an [[Equitable assignment|equitable]] one. | |||
{{seealso}} | {{seealso}} | ||
*[[Assignment by way of security]] | *[[Assignment by way of security]] | ||
*[[Chose in action]] | *[[Chose in action]] | ||