Mercantile Law (Chose in Action) Act 1989 (NI)

NORFOLK ISLAND

MERCANTILE LAW (CHOSE IN ACTION) ACT 1989

Act No. 20 of 1989 _______________________________________________________________________

An Act relating to the legal assignment of debts and other choses in action [Assented to 3 November 1989] BE IT ENACTED by the Legislative Assembly of Norfolk Island as follows —

Short title 1. This Act may be cited as the Mercantile Law (Chose in Action) Act 1989. Legal assignments of debts and other choses in action 2. (1) A debt or other chose in action may be assigned by a written assignment signed by the assignor or by the assignor's agent. (2) Subject to subsection (3), and to equities that have priority over the rights of the assignee, an assignment under subsection (1) is effective to pass to the assignee — (a) the legal right to the debt or chose in action; (b) all legal and other remedies in respect of the debt or chose in action; and (c) the power to give a good discharge for the debt or chose in action without the concurrence of the assignor. (3) An assignment under subsection (1) has no effect unless — (a) express written notice of the assignment is given to the debtor, trustee or other person from whom the assignor would have been entitled to claim the debt or chose in action; and (b) the assignment is absolute and not by way of charge. (4) An assignment under subsection (1) has effect from the time that notice under paragraph (3)(a) in respect of the assignment is received by, or on behalf of, the debtor, trustee or other person from whom the assignor would have been entitled to claim the debt or chose in action. Disputed assignments 3. If a debtor, trustee or other person liable in respect of a debt or chose in action has notice — (a) that an assignment of the debt or chose in action is disputed by the assignor or by a person claiming under the assignor; or (b) of any other opposing or conflicting claim to the debt or chose in action, the debtor, trustee or other person may — (c) call on the person disputing the assignment, or making the claim, to interplead concerning the assignment or claim; or (d) pay the debt or other chose in action into Court under the provisions of the enactments for the relief of trustees. Application 4. It is to be taken always to have been possible to assign a debt or other chose in action in the manner, and with the effect, specified in section 2. _______________________________________________________________________