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Assignment by way of security: Difference between revisions
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There's quite a bit more over at [[set-off]] and even more than that at [[netting.]] and some stuff at [[equitable set-off]], too. Unless that's just a redirect to [[set-off]]. | There's quite a bit more over at [[set-off]] and even more than that at [[netting.]] and some stuff at [[equitable set-off]], too. Unless that's just a redirect to [[set-off]]. | ||
An [[assignment by way of security]] is an assignment which does not meet all the formal requirements for a [[legal assignment]] set out in the [[Law of Property Act 1925|Law of Property Act]]. So it's not as good. By definition it is an [[equitable assignment]] and not a [[legal assignment]], the differences relating to how an assignee enforces its claim against contracting party: a legal assignee can sue in its own name; and equitable assignee only by joining the assignor to the action (I know: shoot me, right?). | |||
===Is there anything to be said for having an assignment by way of security if you already have a charge?=== | |||
Probably not, unless your the sort of person who wears two pairs of underpants in case one pair fails. | |||
{{assignment and set off}} | {{assignment and set off}} | ||
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===See also=== | ===See also=== | ||
*[[Close-out netting]] | *[[Close-out netting]] | ||
*[[Law of Property Act 1925]] | |||