Consequences and Effects of an Assignment

Abstract This chapter explores the consequences and effects of an assignment, particularly the transfer of debtor obligations. It explains the complexities of transferring bilateral intangible property, where the right is assigned but the debtor's obligations to the assignor remain. The chapter distinguishes between legal and equitable assignments, noting that a notice under s 136 of the Law of Property Act is necessary to complete the transfer. It also discusses the damages recoverable by the assignee, emphasizing that they cannot claim more than the assignor could have. Finally, the chapter highlights the rule that the assignee takes subject to equities, which includes both vitiating factors and cross-claims, binding the assignee to the pre-existing conditions between the assignor and debtor.