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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.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).
Legal A legal assignment gives the purchasing company the power to enforce the debt.
You will also then make payments to this company instead of the original creditor.
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.
Basically, Jewish law did not recognize the concept whereby personal rights or obligations (whether arising from contract or from a liability for damages in tort) could be legally assigned, either by the creditor or the debtor, to one who was not a party to the obligation itself. Two principal methods of assignment were invented: (1) a form of novation, whereby an existing debt was canceled and an identical, but new debt created between the debtor and the creditor's assignee – all three parties consenting; and (2) a formula whereby the creditor appointed an agent to recover a debt on his behalf, but empowered the agent to retain the proceeds for himself.
This was because a debt was considered intangible and therefore incapable of legal transfer (Rashi, Git. From these two methods were developed the two legal forms of assignment of debts dealt with in the Talmud, namely Ma'amad Sheloshtan (lit.As the Ma'amad Sheloshtan, unlike the sale of bonds, was not based on the principle of agency, it would seem that after its completion the original creditor could no longer give a valid release to the debtor (Tos. Other explanations have also been advanced to justify the validity of a release by the original creditor, even after he has sold his bond.One is that whereas the sale of bonds was mide-rabbanan ("instituted by the sages"), the legality of a release of a debt was mi-de-orayta ("stemming from biblical law"; Maim., Yad, Mekhirah ; Tos. This explanation is, however, questionable, as in other cases of sale instituted by rabbinical enactment (including the Ma'amad Sheloshtan) a subsequent release by the assignor was not recognized.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.Another explanation suggests that the original creditor has two rights from his debtor – one proprietary and the other personal, the latter being inalienable.This also presents difficulty since a debt itself is intangible and therefore inalienable; it is strange therefore that the idea of a personal right, which is not mentioned elsewhere, should be introduced here, when the general rule would be equally applicable."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.In post-talmudic times the power of attorney was used for the recovery of debts, but not for their assignment (Tos. In Poland, from the 16 century onward, a bond drawn in favor of "whomsoever may produce it," bearing only the debtor's signature, the amount of the debt, and the date of payment, became customary.to 70a; Maim., Yad, Sheluḥin ve-Shutafin 3:7; see also *Attorney ). Such a bond was known as a "Memoram" and was, in effect, a negotiable instrument like a promissory note (Levush, Ir Shushan 48; Sma to 48:1).