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Legal assignment
Practical Law UK Glossary 9-107-6754 (Approx. 3 pages)
Glossary
Legal assignment.
The usual way of assigning the benefit of any debt or other legal thing in action under section 136 of the Law of Property Act 1925. Under that section, the basic requirements for a legal assignment are as follows:
- Only the benefit of an agreement may be assigned.
- The assignment must be absolute.
- The rights to be assigned must be wholly ascertainable and must not relate to part only of a debt.
- The assignment must be in writing and signed under hand by the assignor.
- Notice of the assignment must be received by the other party or parties for the assignment to take effect.
See also equitable assignment.