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Topic%204%20-%20Part%202%20-%20Assignments

Letter 35 shepherds case this case will be covered in

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35 Shepherd’s Case This case will be covered in detail later when we look at future property S was trying to assign 90% of his royalties for a limited period of time It was a part chose in action and could only be assigned in equity Kitto J agreed with Windeyer J: “All that was required was a manifestation by the assignor of an intention to transfer the chose in action in a manner binding on himself”
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36 Does s134 apply to Equitable Choses in  Action? Although s 134 addresses itself to "debts" and "legal things in action", some judges have indicated that equitable choses in action may be included This is because the section talks about giving notice to trustees, among others It is argued that this must mean equitable interests are included We have one case that covered this aspect
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37 S134 PLA and  Everett’s Case Everett assigned 6/13ths of his partnership interest to his wife, which resulted in less tax for the couple The question before the court was whether that assignment had to comply with s134 High Court looked at the phrase “trustee” in s134 The High Court suggested that for absolute assignments of equitable choses in action s134 was an optional method of transfer, but not mandatory
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38 Assignment of a Part Chose in  Action S134 PLA talks about an absolute assignment. An assignment of part of a chose in action cannot be undertaken at law In Norman’s case , N attempted to transfer to his wife the interest due on £3000 of a £4600 debt due to him from a loan he made to a partnership. He gave notice of the assignment to the partnership The tax office argued it was not a valid assignment
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39 Norman v FCT It was not an absolute assignment so s134 PLA did not apply The assignment could only be recognised in equity Windeyer J: Equity will enforce a gift when the assignor’s conscience was bound by it. When is that? The assignor’s conscience will be bound when the assignor has manifested an intention to make an immediate and irrevocable transfer
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40 Summary Legal Property For legal property which is capable of transfer at law, see slide 32 for summary For legal property which is incapable of transfer at law, the requirement is the same as that for equitable property – there must be a manifest intention to make an immediate and irrevocable transfer
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41 Assignments of Future Property Common law does not recognise an assignment of future property, even for value Equity may recognise an assignment of future property if value is given and the property is ascertainable now – equity will consider the conscience of the assignor bound Where the property is transferred as a gift equity ‘will not assist a volunteer’ We must ask if any consideration has been paid
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42 Tailby v Official Receiver  (1888) A bill of sale assigned “all the book debts due and owing or which may…become due and owing” Arguments before the court concerned whether
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