An Assignment or Security Assignment which complies with s.136 Law of Property Act 1925 namely that it is:
- Absolute (ie unconditional)
- Of the whole of the debt (and not part of it)
- In writing
- Signed by the Assignor, and
- Notified to the debtor of the Assignor.
An Assignment which fails to meet any of these criteria will be an Equitable Assignment. The distinction between a Legal Assignment and an Equitable Assignment is of limited practical importance.