Notice Of Assignment Of Debt

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3 The assignment of the legal 4 chose in action may be statutory if all the requirements in the Law of Property Act 1925, s 136(1) are complied with.The same arguments may be applied in relation to other contractual obligations, as the doctrine of precise performance does not discriminate between obligations to pay money and obligations to perform other acts.So the arguments set out below may apply, mutatis mutandis , to assignments of legal choses in action arising out of contract other than debt.It is suggested that neither the doctrine underlying equitable assignment nor the legislative framework for statutory assignment provides any basis for abrogating these two common law rules.It may therefore be time to upset this “well settled” rule. INTRODUCTION Notice plays an important role in the equitable assignment of legal choses in action, such as a contractual debt.This is prompted because the rule as applied in the context of equitable assignment of a debt presents a contradiction: it does not explain how it is that the common law rules as to discharge by precise performance and the invariability of contractual obligations are displaced by what appear to be equitable doctrines relating to assignment and notice thereof.By examining the mechanics and subject matter of an equitable assignment of a chose in action, this paper will demonstrate that the rule may, perhaps, have been too broadly stated and that the true position is quite otherwise: that a debtor is discharged from her obligation to make payment so long as she precisely performs her obligations as set out in the contract, even if the rights under that contract have been assigned to a third party to that contract, the equitable assignee, and even if she has been notified of such assignment.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.Even a preexisting debt can constitute sufficient consideration for assignment.[i] Although notice of assignment is not an essential prerequisite for assignment’s validity, notice is required in order to charge a third-party with the duty to make payment to the assignee.[ii] Paying the wrong party does not discharge a negotiable instrument.

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