Is an equitable assignment of future book debts effective?
Saskatchewan, Canada
The following excerpt is from Crawford's Limited v. Wanhil Line Construction Co., 1969 CanLII 637 (SK QB):
It would appear that an equitable assignment of all future book debts is effective. It is not too vague: Vide Tailby v. Official Receiver (1888) 13 App Cas 523, 58 LJQB 75. In order for an equitable assignment to be effective there must be proof of the company’s intention to assign the book debts. This cannot be found in the document itself as it is not properly completed. This, at first appearance, would seem to be a paradox in view of the fact that the two signing officers hold a majority of the shares in the company.
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