Assignment Of Debt

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If the original creditor transferred a pledge he was holding to the purchaser he cannot then release the debtor (see *Pledge ).

It may be assumed that in tannaitic times the assignment of debts, whether verbal or under bond, was also effected by means of a power of attorney proper, known in the Babylonian Talmud as urkhata ( the assignment of debts (Rashi, Kid.

The Talmud concludes that there was no legal reason for this arrangement, it having been evolved merely to facilitate commercial dealings (Tos. For example, Amemar opines that its legal justification rests on the assumption that, when the obligation first arises, the debtor is deemed to render himself liable not only to the principal creditor but to anyone claiming through him. Ashi takes the view that the benefit which the debtor enjoys from the cancellation of the original obligation to the creditor and the creation of a new one to the assignee, with a different date of payment, is itself sufficient to demonstrate, without further act or formality, the debtor's willingness to bind himself to the assignee as his new creditor. Ashi's reasoning, some held that the debtor's actual consent was required to complete a Ma'amad Sheloshtan, but others held that only his presence was necessary (Ran on Rif, Git. However, although one opinion of the tannaim was that physical delivery was sufficient in the case of a bond, another opinion (by which the halakhah was ultimately decided) held that a further deed was required in the assignee's name, because whereas the act of delivery validly assigned the bond itself, i.e., the actual paper on which it was written, the debt, and the creditor's rights to the debt were not an intrinsic part of the paper and therefore not assigned with it.

Accordingly, in the ancillary deed the creditor would confirm that the assignee should "acquire [the bond] and any rights contained therein" ( 76b).

Promissory notes and checks are in common use and are governed by the Bills of Exchange Ordinance, 1929, which permits the assignment of a debt by the mere delivery of the relevant bill.

According to some authorities, the assignment of debts, too, is given by an obligation in the form of "undertaking to bind himself" (mesha'abbed nafsho) (Git.Equitable When a debt goes through an equitable assignment, it is only the amount owed that is transferred.In these instances, the purchasing company cannot enforce the debt and the original creditor will still retain their original rights and responsibilities.It is possible that assignments of this kind were effected by a means similar to the Ma'amad Sheloshtan, to which they are compared by the codifiers (Rif, Halakhot, 111a).Details of such assignments are unknown, however, particularly as the Ma'amad Sheloshtan is not mentioned in the Jerusalem Talmud.There are two types of assignment that a creditor can make – Legal and equitable.Both of them fall under the Law of Property Act 1925 and both require the creditor to notify you of the change in writing."a meeting of the three") and Mekhirat Shetarot ("sale of bonds").In addition, there was the Shi'buda de Rabbi Natan a process of legal execution entrusted to the court.As the assignee is, from the strictly legal point of view, no more than an agent of the creditor, the latter remains competent to release the debtor or even to recover the debt himself.In such a case, however, it was accepted as the halakhah that the creditor would be liable to compensate the frustrated assignee for any loss he sustained. Nor could a Ma'amad Sheloshtan be used as a means of selling a bond (Siftei Kohen, no. Ar., ), since being a form of novation whereby a new debt is substituted for an old one, the old debt ceases to exist and becomes valueless. 86a) that if a new bond is addressed to the assignee the original creditor is no longer competent to release the debtor – his debt having ceased to exist and there being no question of agency, as in the case of sale of bonds.


Comments Assignment Of Debt

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