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The old chestnut from laws 201, is that you cannot unilaterally transfer obligations under a contract in any case; only rights. Transferring rights ''and'' obligations is a [[novation]]. Everyone has to agree to that. Transfer of ''rights'' only — “[[assignment]]” — is mostly harmless in any contract, even a [[finance contract]], though that doesn’t stop [[banking legal eagle]]s getting agitated about it — possibly out of a [[Close-out netting|misfounded suspicion it might upset | The old chestnut from laws 201, is that you cannot unilaterally transfer obligations under a contract in any case; only rights. Transferring rights ''and'' obligations is a [[novation]]. Everyone has to agree to that. Transfer of ''rights'' only — “[[assignment]]” — is mostly harmless in any contract, even a [[finance contract]], though that doesn’t stop [[banking legal eagle]]s getting agitated about it — possibly out of a [[Close-out netting|misfounded suspicion it might upset close-out netting arrangements]]. (In our rambunctious opinion, it does not and cannot: ''[[nemo dat quod non habet]]''.) In any case, nervousness about precisely whom you can invite to enjoy the benefits or suffer the burdens of your contract on your behalf is a quite a bit more of a “thing” in a lending situation, where the action itself — paying or receiving money — isn’t one that requires any skill, competence or personality ''in itself''. (Sorry, banker friends, but it is true). | ||
Now, quite unlike the performance of ''personal'' services, simply discharging a payment obligation is, of itself, a non-personal thing: I don’t care ''who'' pays the million quid you owe me ''as long as someone does''. But if I have invited Pink Floyd to play at my son’s Barmitzvah I will care, a lot, [[Dangerboy|if they send some other jokers along instead]]. | Now, quite unlike the performance of ''personal'' services, simply discharging a payment obligation is, of itself, a non-personal thing: I don’t care ''who'' pays the million quid you owe me ''as long as someone does''. But if I have invited Pink Floyd to play at my son’s Barmitzvah I will care, a lot, [[Dangerboy|if they send some other jokers along instead]]. | ||