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There are two forms of assignment of a contract or debt – legal assignment and equitable assignment.The Law of Property Act 1925 s 136 sets out three criteria that must be met before a “chose in action”, may be legally assigned.The equitable assignee may not be able to bring an action in his own name against the debtor and may have to join the assignor as party to the action.
The author strongly advises the reader to take legal advice before embarking on any enforcement action.
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The assignment must be: If these are all met, then the assignee takes over the benefit of the debt from the original creditor, the assignor, and becomes the only person who can enforce it.
The assignment may be made for financial consideration, but this doesn’t have to be the case.
The assignee acquires the same rights as the assignor had had, including the right to present a winding-up petition, or obtain judgment and instruct a High Court Enforcement Office (HCEO - a form of bailiff) to enforce it under a writ of control.
The debtor will now have to pay the assignee – paying the assignor does not discharge the debt.
These questions should serve as a tool for you to reflect on your overall assessment practices.
This reflection can serve as a great starting point for ensuring an equitable classroom.
In office hours, I began to ask students about their struggles in the course.
Several students indicated that they struggled with the assignments.