Introduction

In chapter 8 we saw that equity recognises as property certain assets not recognised at common law, such as the beneficiary's interest in a trust. We also saw that property interests can be created more informally in equity than at law. One aspect of this is equity's attitude to assignments of property.

Assignments are transfers of property either for consideration or as gifts. The question whether property has been effectively assigned is of considerable commercial significance. It is not always an easy question to answer. The law of assignments stands at the intersection of common law, equity and statute. The common law developed basic rules for the transfer of property. Equity acts as a ‘gloss’ and recognises assignments in various cases where the common law would not. Many assignments are also effected by statute. So when we consider whether an assignment has been effective we need to be able to apply law from all three sources.