Normally, it is the most effective way for the official receiver, as liquidator or trustee, to deal with a right of action, but such action should not be undertaken ‘automatically’ or without legal advice.Tags: Essay The PrinceSocial Work Research Paper OutlineSensation Perception And Attention EssayBibliography EssayClinical Psychology Dissertation TopicsDissertation Image ProcessingAn Inspiring Person Essay
An assignment of future rights is when a person transfers his/her contractual rights and obligations to someone else.
This transfer completely confers all of the rights to receive benefits under the contract.
In Marson v Marriage, Justice Fox held that TCGA92/S48 applies when the sum to be brought into account represents ascertainable consideration even when the right to it is contingent.
It does not apply when the amount is unascertainable.
It is a right of which a person does not have present enjoyment, but may recover it (if withheld) by action.
This may be assigned by writing, if signed by the assignor, absolute in terms and notice in writing being given to the debtor.In order to make an assignment valid, the thing assigned must be the product, growth, or increase of property on which the assignor holds a present vested interest.Money that has been substantially earned on a contract can be assigned. One aspect of this is equity’s attitude to assignments. Property interests can also be created more informally in equity than in law.If the benefits, future earnings, or other future interest assigned has not yet accrued, or the assignor has not yet performed his/her part of the contract, the assignment may still be valid.Future earnings or crops may not be a mere possibility.What happens when you have a present assignment (or at least a contractual obligation to assign) of invention rights that don’t exist at the time of the assignment (aka “future invention rights”)?The Supreme Court suggests it is the factual record that will answer this question.In exceptional circumstances (where, for example, the assignee wishes to take on a ‘winnable’ right of action, is without funds, and there is the prospect of funds being paid into the estate from the ‘winnings’), the official receiver may, with the agreement of Technical Section, incur a debit balance on the estate to seek the necessary legal advice.The costs of the legal advice being recovered from the future ‘winnings’.