Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Equitable assignment definition

What does Equitable assignment mean? An equitable assignment is a transfer of a debt or other chose in action that, although not meeting the statutory requirements for a legal assignment, is nonetheless effective in equity and enforceable by or with the assignor. It commonly arises where there is a clear intention to assign but defects exist (for example, no or defective notice to the debtor, lack of writing, or an assignment of only part of a debt). In England and Wales, legal assignments of debts are governed by section 136 of the Law of Property Act 1925; equitable assignments arise under case...

Funders' Assignment of Construction Contracts: Legal and Equitable Methods, Escrow, Risks and Assignment/Consent Restrictions (England and Wales)

Published by a LexisNexis Construction expert

Practice notes

Lenders and other financiers commonly obtain an assignment of the benefit of the suite of construction documents in respect of a development as an extra element of the security package supporting their loan to fund the project. See Practice Notes: Assignment in construction contracts and Legal and equitable assignment in construction contracts for further guidance and practical context. This Practice Note also examines the various approaches used for such an assignment and highlights some of the risks involved. For convenience in this note, all funders are called ‘banks’.

Why does a bank wish to take an assignment?

It should be noted that assigning the construction documents is only one of a number of security measures that a bank will hold. It will also probably register a charge against the employer itself and will also benefit from a suite of collateral warranties from the construction parties (contractor, professional advisers and key sub-contractors). Those warranties will usually include step-in rights so that the bank can assume the position of the employer if the employer defaults on its financial obligations during the course of the works. See Practice Notes: Assignment of a collateral warranty and Step-in rights in a collateral warranty...

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Web page updated on 21/05/2026

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