6 What is an Absolute assignment?

In Austino Wentworthville Pty Limited v Metroland Australia Limited [2013] NSWCA 59 Barrett J summed up what he considered to constitute an absolute assignment: An “absolute” assignment is one that is unconditional and does not attempt to affect part only of the chose in action. The fact that an assignment otherwise absolute is accompanied by […]

08, 15, 2015
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By whiggs

Transfer of financial assets in transactions

5 Equitable assignment

An assignment may be effective as an equitable assignment even if the formalities required by s 12 of the Conveyancing Act have not been satisfied. Pending the giving of notice, the assignment takes effect in equity only: Norman v Federal Commissioner of Taxation [1963] HCA 21; (1963) 109 CLR 9 at 28 per Windeyer J.

08, 15, 2015
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By whiggs

Transfer of financial assets in transactions

4 s 12 of the Conveyancing Act

Section 12 Assignments of debts and choses in action “Any absolute assignment by writing under the hand of the assignor (not purporting to be by way of charge only) of any debt or other legal chose in action, of which express notice in writing has been given to the debtor, trustee, or other person from […]

08, 15, 2015
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By whiggs

Transfer of financial assets in transactions

3 What can be assignment ?

Benefits not burdens a contractual obligation cannot be assigned without the consent of the other contracting party; that is, it is not possible to transfer the burden of a contract to a third party other than by novation. When we speak of assignment we are talking about assigning the benefits as we cannot assign burdens […]