Legal 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. :
- 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.