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

Has not yet accrued will fail williams if the

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has not yet accrued will fail: Williams If the contract can be unilaterally terminated there is no present assignable right: Norman
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51 Assignments Using the Flowchart Start at the top; you only move on if it is present property for no consideration or future property for consideration Determine if it is legal or equitable property Legal : assignable at law - check transfer rules (table on previous slides) to determine if the transfer is valid at law If not a valid legal transfer check if it has been assigned in equity Equitable : only need manifest intention If satisfy relevant test, asset passes in equity
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52 Summary of the Assignment Tests Only present property can be assigned There are 2 tests and one exception: 1. Legal Property The test is that from Corin v Patton + consider Deane’s requirement that it be beyond recall For chattels need intention + possession 2. Equitable Property The test comes from Windeyer J in Norman v FCT 3. Exception to the Tests Where the property is legal , but cannot be transferred at law e.g. part chose in action, then the equitable test from Norman ’s case applies: is there a manifest intention to assign immediately?
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53 Practice Problems  Assume the following are in a deed: 1. A beneficial interest under a trust 2. All rights to a term deposit 3. All interest in company shares 4. A transfer of legal property where the bank holds the DCT; I have no authority to collect the DCT 5. All of the debt my brother owes me For each assignment first determine whether it is present property, then if it is legal or equitable, if there was any consideration and which test to apply
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54 An Example Using the Flowchart Take an example of 2/3 of the debt my brother owes me: 1. Is this present property? Yes a valid debt 2. Was value given? No 3. Is it legal or equitable property? Legal 4. Is it assignable at law? No, s134 PLA states that the legal method only covers absolute assignments 5. Then apply the test in equity: manifest intention to assign immediately Norman
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55 Some More Examples 1. A signs a memo of transfer assigning his life insurance policy to his wife. He endorses the policy but it is not registered 2. I hold a cheque made out to Bill Smith or bearer and hand it to my brother 3. I give my sister my couch and say “You can take it whenever you want” 4. I assign my partnership interest in my business to my cousin by way of deed. 5. I give my brother my title to my TS land and say “It’s yours to register whenever he wants”
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