205Assignment of debts and things in action

205 Assignment of debts and things in action (1) An absolute assignment, in writing signed by the assignor, of a debt or thing in action (other than an assignment expressed to be by charge only) is effective at law to transfer the right to the debt or thing in action if written notice of the assignment is given to the debtor, trustee, or other person, (the liable person) from whom the assignor would have been entitled to receive or claim the debt or thing in action. Note A thing in action (also called a chose in action) is an intangible personal property right recognised and protected by the law. Examples include debts, money held at a bank, shares, rights under a trust, copyright, and the right to sue for breach of contract. (2) The transfer takes effect on the day the notice is given. (3) Without limiting subsection (1), the assignee may recover or otherwise enforce the debt or thing in action without involving the assignor. (4) However, the transfer is subject to all equities that would have been entitled to priority over the right of the assignee apart from this section. (5) If the liable person has notice that the assignment is disputed, or of any conflicting claims to the debt or thing in action, the liable person may— (a) call on anyone claiming the debt or thing in action to interplead; or (b) pay any amount in dispute into court.