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Who May Assign

Any person not under legal disability may make an assignment. An infant partner can join in making an assignment. Married women, engaged in separate business, may make assignments.

The consent of all the partners of a firm is necessary to make an assignment. The consent of an absconding partner is implied by his act, but mere absence does not imply consent.

The temporary insanity of a partner does not justify the other in making an assignment. The assent of the representatives of a deceased partner must be obtained by the surviving partners in order to make an assignment. A surviving partner who purchases the interest of the retiring or deceased partner, the firm being solvent at the time of the purchase, may assign the same with or without preferences, as if it had always been his private property. Corporations, whether commercial or religious, banks and insurance companies have the power of making assignments, unless prohibited by their charters or by statute. Insolvent moneyed corporations, insurance companies, and banking associations cannot assign with preferences, nor can directors make an assignment without the consent of the stockholders ASSIGNEES.

Assignees must be men of character, experience, and intelligence, and must not be blind, or be the victim of chronic disease. They should also be residents. Co-partners cannot be assignees.

The assignee must accept the assignment in writing, not orally. An assignee cannot act until he has furnished the required bond. A New York assignment operates in other States, unless it contains provisions not allowed by the laws of those States.

A foreign assignment or that of a debtor residing in another State, takes effect in New York, provided it does not conflict with the laws of this State. on it.

An assignee receives assigned property subject to all equities and liens The good will of a business, or a name or trade-mark vests in the assignee. An assignee has no better title to goods or property than the assignor possesses. An equitable claim against the United States Government passes to the assignee, but, it cannot be judicially enforced. Trust funds in the hands of the assignor do not pass to the assignee.

The individual property of partners does not pass to the assignee, unless it is embraced in the assignment of the firm property.

The assent of creditors is not essential to the validity of an assignment.