Meaning of assignment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 November 2011 i need a help to understand the meaning of assignment in mercantile law in this topic in assignment the benefit of a contract can only be assigned but not the liability thereunder. because the liability is assigned,a third party gets involved in it.thus a debtors cannot relieve himself of his creditors by assigning to someone else his obligation to repay the debt.

CS Pawan Kumar Baid

CS Pawan Kumar Baid (Expert)
Follow

07 November 2011 Assignment in ordinary words means transfer. A Creditor can assign his debtors to any person.

E.g. A gives loan to B for one year. A needs money in 2 months, he cannot recover from B, however he can assign this debt to C and take money from him. Now, on maturity date, C will recover amount from B.

In above case, B cannot assign his debt to C, because only assets can be transferred and not liability.

Regards

Querist : Anonymous

Querist : Anonymous (Querist)

17 November 2011 THANK YOU SIR

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

CA. MOHIT SHARMA

balamurugan

madhu sudan

Deepak Nayak

Rubal Singhal

Subscribe Now

Meaning of assignment

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Manager- Finance and Compliance

GST CONSULTANCY

CA Final

GST CONSULTANT

Article Assistant