Legal Definition and Related Resources of Equitable Assignment
Meaning of Equitable Assignment
An assignment which, though invalid at law, will be recognized and enforced in equity . It is such an assignment as gives the assignee a title which, though not cognizable at law, will be recognized and protected in equity and it is in the nature of a trust based on principles of natural justice and essential fairness, without regard to form. If the court can find that the assignor has intended to transfer a present interest in the debt or fund, and pursuant to such intention has made an absolute appropriation of the thing assigned, relinquishing all control or power of revocation over it to the use of the assignee, then there is an equitable assignment. See Melnick v Pennsylvania Co. for Bankingand Trusts, 119 A.2d825, 180 Pa. Super 441. Also, Robert Wise Plumbing & Heating Inc. v Alpine development Co., 432 P.2d 547, 72 Wash.2d 172.
Equitable Assignment Alternative Definition
An assignment giving to the assignee a right enforceable only in equity. The term is now commonly applied to constructive assignments, though such are now generally enforceable at law. In this sense it is “such an appropriation of the subject-matter as to confer a complete and present right on the person intended to be provided for, even where the circumstances do not admit of its present exercise.” 14 Wall. (U. S.) 69. An order on a particular fund (120 U. S. 511; 78 Iowa, 426; 3 Me. 436), or an order by a creditor to pay the debt to a third person (7 Cal. 258; 18 Mass. 461; 18 Mont. 335), are examples of such assignments.
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Equitable Assignment in Historical Law
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- See assignment.