2 What is assignment?
- 2015-08-15
- By whiggs
- Posted in Transfer of financial assets in transactions
- Under general law, a debt or other chose in action may be assigned by two methods:
- legal assignment or equitable assignment.
- A legal assignment is absolute if the requirements of s 12 of the Conveyancing Act have been satisfied. Several steps must be taken before s 12 of the Conveyancing Act causes an assignment of the kind it describes to be “effectual in law”.
- There must be a written instrument. It must be executed by the assignor.
- And express notice of the assignment must be given to the debtor.