Monday, September 1st, 2014

An assignment is a legal method of passing rights but not obligations from one person e.g. the Beneficiary of a Letter of credit to a forfaiter purchasing the Beneficiary’s rights under that Letter of Credit. Under English law, a legal assignment must be in writing, absolute and confirmed by a notice of assignment such as in a letter of credit, a guarantee or an insurance policy whereby the rights of a future debt passes from assignor to assignee.