5. The assignment of bills of exchange and promissory notes by general or special endorsement constitutes an exception to the law of transfer of choses in action. When negotiable (i.e. made payable to order), they were made transferable by the statute of 3 & 4 Anne ; they may then be transferred by en dorsement; the holder can sue in his own name, and the equitable defences which might have existed between the promisor and the original promisee are cut off. Parsons, Contr. 402-406 ; Chitty, Bills, Perkins ed. 1854, 8, 11, 225, 229, n. (3) and cases cited; 11 Barb. N. Y. 637, 639 ; Burrill, Ass. 2d ed. 3, nn. 1, 2 ; 26 Miss. 577'; Hard. Ky. 562.
6. The most extensive class of assignments are the general assignments in trust made by insolvent and other debtors for the discharge of their debts. In most of the states of the United States these are regulated by state statutes (q. v.). 3 Sumn. C. C. 345 ; 10 Paige, Ch. N. Y. 445 ; 1 N. Y. 101; 20 Ga. 44.
Independently of bankrupt and insolvent laws, priorities and preferences in favor of par ticular creditors are allowed. Such preference is not considered generally unequitable, or a stipulation that the creditors taking under it shall release and discharge the debtor from all further claims. 4 Mass. 206 ; 5 id. 153 ; 6 id. 342 ; 5 Me. 245 ; 41 id. 277 ; 9 Ind. 88; 6 id. 176 ; 4 Wash. C. C. 232 ; 13 Serg. & R. Penn. 132 ; 4 .Dall. Penn. 76, 85 ; 2 Dutch. N. J. 23 ; 4 Zabr. N. J. 162 ; 2 Cal. 107 ; 16 Ill. 435 ; 17 Ga. 430 ; 2 Paine, C. C. 180 ; 3 Du. N. Y.1 ; 15 Johns. N. Y. 571; 11 Wen& N. Y. 187 ; 7 Md. 88, 381; 5 Gill & J. Md. 187; 3 Ala. 86 ; 5 id. 139 ; 29 id. 266 ; 5 N. H. 113; 7 Pet. 608 ; 11 Wheat. 78 ; 6 Conn. 277 ; 8 id. 505 ; 26 Miss. 423 ; 6 Fla. 62. , 7. How made. It used to be held that the instrument of assignment must be of as high a character and nature as the instrument transferred ; but now a jarol (usually written) assignment may transfer a deed, if the deed be at the same time delivered. 1 Dev. No. C. 354; 2 Jones, No. C. 224; 13 Mass. 304; 15 id. 481; 2 Me. 234 ; 3 id. 346 ; 26 id. 448 ; 17 Johns. N. Y. 284, 292 ; 19 id. 342 ; 1 E. D. Smith, N. Y. 414 ; 5 Ad.' & E. 107 ; 4 Taunt. 326 ; 1 Yes. Sen. Ch. 332, 348; 6 ; 1 Madd. Ch. 53 ; 2 Rose. Bank. 271 ; 1 Harr. & J. Md. 114, 274 ; 2 Ohio, 56, 221 ; 11 Tex. 273 ; 26 Ala. N. s. 292. See 5 Halst. N. J. 156. When the transfer of personal chattels is made by an instrument as formal as that required in the assignment of an interest in lands, it is commonly called a bill of sale (which see). 2 Stephen, Comm. 104. In most cases, how
ever, personal chattels are transferred by mere note or memorandum, or, as in the case of negotiable paper, by mere endorsement. 3 E. D. Smith, N. Y. 555 ; 6 Cal. 247 ; 28 Miss. 56 ; 15 Ark. 491.
S. The proper technical and operative words in assignment are "assign, transfer, and set over;" but "give, grant, bargain, and sell," or any other words which show the intent of the parties to make a complete transfer, will work an assignment. Watkins, Cony., Pres ton ed. b. 2, c. ix.
No consideration is necessary to support the assignment of a term. 1 Mod. 263 ; 3 Munf. Va. 556 ; 2 E. D. Smith, N. Y. 469. Now all assignments, by the statute of frauds, of chattels real,, must be made by deed or note in writing, signed by the assigning party or his agent thereunto lawfully authorized by writing. 1 Bos. & P. 270. If a tenant assigns the whole or a part of an estate for a part of the time, it is a sub-lease, and not an assignment. 1 Gray, Mass. 325 ; 2 Paige, Ch. N. Y. 68 ; 2 Ohio, 369 ; .1 Washburn, Real, Prop. 327.
9. Effect of. airing the continuance of the assignment, the assignee is liable on all Covenants running with the land, but may rid himself of such continuing liability by transfer to a mere beggar. 2 H. Blackst. 133 ; 5 Coke, 16 ; 3 Burr. 1271 ; 1 Bos. & P. 21 ; 2 Bridgman, Eq. Dig. 138 ; 1 Vern. Ch. 87 ; 2 id. 103 ; 8 Ves. Ch. 95 ; 1 Schoales & L. Ch. Jr. 310 ; 1 Ball & B. Ch. Jr. 238 ; D.m2,1. 56, 183. By the assignment of a right all its accessories with it : for example, the collateral security, or a lien on property, which the assignor of a bond had, will pass with it when assigned. 1 Stockt. N. J. 592; 5 Litt. Ky. 248 ; 3 Bibb, Ky. 291; 4 B. Moor. Ky. 529 ; 2 Dan. Ky. 98 ; 1 Penn. St. 454 ; 1 Penn. 280 ; 5 Watts, Penn. 529 ; 9 Cow. N. Y. 747 ; 2 Yerg. Tenn. 84. So, also, what to the thing by the right of accession is assigned with it. _',7 Johns. Cas. N. Y. 90 ; 6 Pick. Mass. 360 ; 31 N. H. 562.
10. The assignee of a chose in action in a court of law must bring the action in the name of the assignor in whose place he stands ; and every thing which might have been shown in defence against the assignor may be used against the assignee. 18 Eng. L. & Eq. 82 ; 8 Me. 77 ; 29 id. 9 ; 42 id. 221 ; 6 Ga. 119 ; 1 Barb. N. Y. 114, 131 ; 15 id. 506 ; 2 Johns. Ch. N. Y. 441 ; 9 Cow. N. Y. 34; 3 N. H. 82, 539 ; 2 Wash. Va. 233 ; 4 Rand. Va. 266 ; 5 Mass. 201, 214; 6 Pick. Mass. 316; 10 Cush. Mass. 92; 2 Miss. 96 ; 11 id. 488; 28 id. 56; 13 Ill. 486 ; 1 Stockt. N. J. 146; 1 Dutcb. N.