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Equitable Assignment

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EQUITABLE ASSIGNMENT. An assign ment of a chose in action, a thing not in esse, as a mortgage of personal property to be ac quired in the future, and a mere contingency which, though not good at law, equity will recognize. Bisph. Eq. 164; 10 H. L. Cas. 209 ; Butt v. Ellett, 19 Wall. (U. S.) 544, 22 L. Ed. 183 ; Shephard v. Clark, 38 111. App. 66 ; Bacon v. Bonham, 33 N. J. Eq. 614 ; East Lewisburg Lumber & Mfg. Co. v. Marsh, 91 Pa. 96. In making such an assignment, no particular form of words is necessary ; Buck v. Swazey, 35 Me. 41, 56 Am. Dec. 681; Kes sel, v. Albetis, 56 Barb. (N. Y.) 362; Noyes v. Brown, 33 Vt. 431; Gage v. Dow, 59 N. H.

383 ; Bower v. Stone Co., 30 N. J. Eq. 171; but the property must be specifically pointed out ; Morrill v. Noyes, 56 Me. 465, 96 Am. Dec. 486 ; Benj. Sales 62 ; and there must be an appropriation or separation, and the mere intent to appropriate is not sufficient ; Put nam Say. Bank v. Beal, 54 Fed. 577 ; Shan non v. Mayor, etc., of Hoboken, 37 N. J. Eq. 123. A valid assignment may be made of a portion of the contract price of a building contracted to be erected by the assignor, but not yet erected, and such assignment need not be written nor accompanied by any trans fer of the contract itself ; Lanigan's Adm'r v. Bradley & Currier Co., 50 N. J. Eq. 201,

24 Atl. 505. The assignee of a chose in ac tion takes it subject to existing equities in favor of third persons, as well as to those between the original parties; Schafer v. Reil ly, 50 N. Y. 67 ; 3 Lead. Cas. Eq. 372, n. Equity will not recognize the assignment of certain kinds of property as against the pol icy of the law, such as, mere litigious rights, pensions, salaries of judges, commissions of officers in the army or navy, claims against the United States, and the like ; 1 E. L. & Eq. 153 ; Appeal of Elwyn, 67 Pa. 369 ; L. R. 7 Ch. 109 ; 8 id. 76 ; Wanless v. U. S., 6 Ct. Cl. 123 ; Bates v. U. S., 4 Ct. Cl. 569 ; St. Paul & D. R. Co. v. U. S., 112 U. S. 733, 5 Sup. Ct. 366, 28 L. Ed. 861. The assignment of secur ed notes carries with it an equitable assign ment of the security ; Himrod v. Bolton, 44 Ill. App. 516. See ASSIGNMENT; EXPECTANCY.