Assignment Of Debt

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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.

Some authorities held that a bond of indebtedness, drawn in favor of the creditor and anyone claiming through him, enabled it to be assigned by mere delivery and thereafter precluded the original creditor from releasing the debtor; but others disagreed (Sh. It was also customary to draw a bond in favor of "whomsoever may produce it"; this being assignable by mere delivery and precluding the debtor's release by the assignor (Responsa Rosh 68:9), and the bond thus became negotiable (cf. In the State of Israel the assignment of debts is governed by the Assignment of Obligations Law, 1969, under the provisions of which every obligation or any part of it can be assigned either by the creditor or by the debtor.

The debtor's assignment can only be made with the agreement of the 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.13b), in other words by obligating himself (see Lifshitz , Bibliography) 66 and 126; Gulak, Yesodei, 2 (1922), 96–104; A. Gulak, Toledot ha-Mishpat be-Yisrael, 1 (1939); Ha-Ḥiyyuv ve-Shi'budav, 96–104; Herzog, Instit, 1 (1936), 201–12; S. 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.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).Ma'amad Sheloshtan, as an authorized legal transaction, is first mentioned by the early amoraim (Git. All three parties – the creditor, the debtor, and the assignee – being present together, the creditor would say to the debtor: "There is a debt owing to me by you; give it to – (the assignee)." On this simple oral declaration the assignee acquired good legal title to the debt and could claim it direct from the debtor.In the same way it was possible to transfer a pledge. However, some amoraim do suggest a legal basis for it. Ashi, the institution of Ma'amad Sheloshtan would appear to be equivalent to novation and it may be assumed that before Ma'amad Sheloshtan was recognized the assignment of debt was done by canceling the old debt and creating a new one through the formal act of kinyan ("acquisition"), constituting, in effect, a novation (Git. Mekhirat Shetarot ("sale of bonds") was a method whereby a debt, embodied in a bond, was assigned by selling the bond and was effective when the bond was delivered to the assignee ( 76a).If the original creditor transferred a pledge he was holding to the purchaser he cannot then release the debtor (see *Pledge ).It may be assumed that in tannaitic times the assignment of debts, whether verbal or under bond, was also effected by means of a power of attorney proper, known in the Babylonian Talmud as urkhata ( the assignment of debts (Rashi, Kid.

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