What is the effect of a general assignment of book debts?

Alberta, Canada

The following excerpt is from Pigott Project Management Ltd. v. Land-Rock Resources Ltd., 1993 CanLII 7052 (AB QB):

There are a number of authorities that support the Respondent's position as to the effect of a general assignment of book debts. Specifically, in Toronto-Dominion Bank v. R., supra, Jerome A.C.J. concluded at p. 105 that a general assignment of book debts constituted "an absolute transfer of all property" previously held by the assignor in its accounts or other book debts, present or future. Accordingly, he said, the assignee "had full legal and equitable title in all accounts that were owing or that would become owing by debtors [of the assignor] unless such right was otherwise expropriated by competent and valid legislation."

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