Section 50 — Property Law Act 2007: How thing in action assigned

50 How thing in action assigned (1) The absolute assignment in writing of a legal or equitable thing in action, signed by the assignor, passes to the assignee— (a) all the rights of the assignor in relation to the thing in action; and (b) all the remedies of the assignor in relation to the thing in action; and (c) the power to give a good discharge to the debtor. (2) Subsection (1) applies whether or not the assignment is given for valuable consideration. (3) Subsection (1) applies subject to— (a) section 51 ; and (b) any equities in relation to the thing in action that arise before the debtor has actual notice of the assignment and would, but for subsection (1), have priority over the rights of the assignee. (4) The priority of an assignment to which subsection (1) applies and which is not given for valuable consideration is to be determined as if the assignment had been given for valuable consideration. (5) A legal or equitable thing in action is to be treated as having been assigned in equity (whether the assignment is oral or in writing) if— (a) the assignee has given valuable consideration for the assignment; or (b) the assignment is complete. (6) Subsection (5)— (a) prevails over any rule of equity to the contrary; but (b) applies subject to sections 24 and 25 . (7) An assignment to which subsection (5) applies is complete when the assignor has done everything that needs to be done by the assignor to transfer to the assignee (whether absolutely, conditionally, or by way of charge) the rights of the assignor in relation to the thing in action. (8) Subsection (7) applies even though some other thing may remain to be done, without the intervention or assistance of the assignor, in order to confer title to the rights on the assignee. Compare: 1952 No 51 s 130