BU231 Lecture Notes - Lecture 5: Promissory Note, Mastercard, Cheque
Document Summary
The choses in action is created in a contract between. Equitable assignment: transfer part of the benefit only and assignor must be a party to the lawsuit. Statutory assignment: conveyancing law and property act: absolute and unconditional, writing, notice. Rules in place to let assignee deal directly with the original promisor even though they don"t have a contract with one another. Assignee can be in no stronger [postop in the lawsuit with the promisor than the assignor would"ve been. Any defence that would"ve worked against the assignor would work on the assignee. You buy something at a store and give the clerk your mc to pay for the purchase. You are the promisor, the store is the assignor and master card is the assignee. Cheque, promissory note: special kind of assignment, reassignment when you go to a bank that does not issue the cheque.
