Notice Of Assignment Of Debt

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As for negotiable instruments, notice to the maker of the transfer of the note is not required.

This is because the maker can protect himself/herself by demanding production of the instrument and refusing to pay a party not in possession of it.[iv] Some courts have taken a contrary view and criticized the requirement of notice to perfect title in the assignee.

If not, it may be equitable should the intention to make such an assignment be sufficiently made manifest.

Should C not be paid, as a statutory assignee, C is entitled to bring legal proceedings against A on the debt 5 directly in his own name.

An obligor can also be discharged if the obligor otherwise changes his/ her position in good faith and without knowledge of the defect in the assignment.

Notice Of Assignment Of Debt

The essential element of a valid assignment is the bona fide agreement between the assignor and assignee, for a sufficient consideration and without intent to defraud creditors or subsequent purchasers.

This document will also create the required notice to the debtor, informing him/her that the debt has been assigned.

An assignment is a transfer of property or of a right or interest in such property, from one person to another and the right to receive money due or to become due is generally assignable.

Should C be an equitable assignee, similar proceedings 3. The chose in action arising from the debt owed by A to B is legal and not equitable, since such chose in action would have been recovered or enforced by an action at law, prior to the enactment of the Judicature Act 1873.

Others would include: appointing C as B’s agent or attorney for the purposes of accepting payment from A, coupled with a mandate that C need not account to B for such receipts; promising to permit C to use B’s name (on an indemnity for costs) to bring legal proceedings against A on the debt, if unpaid; entering into a tripartite agreement wherein in consideration for A’s obligation to make payment to B being discharged, A promises to make payment to C (ie, a novation); or where, following a request by B that A make payment of the debt owing to B to C, A “acknowledges” to C that A will pay to C the sum otherwise payable to B on account of the loan agreement between them, eg, Shamia v. References to choses in action hereafter should be taken to refer to legal and not equitable choses , unless indicated otherwise. For ease of exposition, this paper will concentrate on the question as to whether a debtor is entitled to claim to be discharged by precise performance of her contractual obligation to pay her creditor.

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