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Legal assignment: Difference between revisions
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{{anat|security|}}{{g}}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]]: | {{anat|security|}}{{g}}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). | *'''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]]. | *'''Not by way of security''': 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]]. | ||
*The rights assigned must be wholly ascertainable and must relate to the whole of the [[chose in action]]. This sounds meaningful and might get you 6 | *'''Wholly ascertainable''': The rights assigned must be wholly ascertainable and must relate to the whole of the [[chose in action]]. This sounds meaningful and might get you 6 out of 10 in a law exam but God only knows what it means in practice. | ||
*It must be in writing and signed | *'''Written''': It must be in writing and signed — no [[deem|deemed]] acceptance by conduct here, friend. | ||
*The party whose obligations are being assigned must be given notice of the assignment. | *'''On notice''': 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. | |||
{{ | {{sa}} | ||
*[[Assignment by way of security]] | *[[Assignment by way of security]] | ||
*[[Chose in action]] | *[[Chose in action]] | ||