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- Assignment of Debt
Use Lawlive's Deeds of Assignment of Debt (Loans) to assign a debt as between companies and individuals or between each. The deeds assign rights and accordingly it is important to consider the requirements to assign a debt and the risks of doing so. Some advantages of assigning a debt are that no consideration is required for a valid legal assignment, the assignee is entitled to sue the debtor in its own name and does not need to join the assignor as a party to the action, the debtor can safely perform its obligations in favour of the assignee, the assignee is the person who can discharge the debt, and that a legal interest is obtained for value and without notice of earlier equitable interests and will be accorded priority ahead of equitable interests.
