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

Here we are concerned with legal property that is

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Here we are concerned with legal property that is presently owned and is capable of assignment If the assignment fails at law, equity might assist, however equity will not complete an imperfect gift Equity will assist in cases where the legal requirements as outlined above are not satisfied but equity regards the transferor’s conscience is bound
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11 Milroy v Lord (1862) Type of property: legal shares For the transfer to be valid it had to be registered in the bank’s books TM didn’t register the transfer but gave L power of attorney to transfer the shares M received dividends on the shares for 3 yrs The issue was whether the failed legal transfer should be recognised in equity?
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12 Turner LJ “In order to render a voluntary settlement valid and effectual, the settlor must have done everything which, according to the nature of the property comprised in the settlement, was necessary to be done in order to transfer the property and render the settlement binding upon him” This statement conveys Equity’s general attitude to voluntary assignments Is it clear what that statement really means?
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13 Re Rose  [1952] UK decision  Type of property: legal shares He transferred “the shares and all my right title and interest there under” to wife in form required by co and handed over share certificates Transfers dated 30 March but not reg’d until 30 June Issue: When were the transfers effective (for tax reasons)? This assignment valid in equity – he had done all in his power to divest himself - in the meantime he held the shares on constructive trust for his wife
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14 Property Law Act s134 elements The requirements of S134 PLA are: Assignment must be absolute; It must be in writing signed by the assignor ; Express written notice must be given to the debtor Who can give such notice? Can you assign part of a chose in action under s134? No, that cannot be assigned at law, only in equity
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15 Anning v Anning  (1907) Various items disposed of by William Anning by deed: Crown leasehold interest in land – transfer needs reg’n Bank accounts in his name – legal chose in action - Vic s134PLA similar to Qld provisions Debt secured by mortgage – transfer needs reg’n Promissory notes, made payable to him – required endorsement for valid transfer Chattels: horses, cattle, jewellery, furniture etc. – required registration in Qld Partnership interest in grazing property – equitable interest, so can only be transferred in equity No valid legal transfer of any assets Were any of the attempted transfers valid in equity?
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16 Anning v Anning  cont. Attempted to interpret the decision of Milroy v Lord .
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