(1) Subject to the relevant rule of law, and subject to a contrary intention appearing from a transaction giving rise to legal rights, a person may, after the commencement of this Act, assign a legal right to another person as specified in this Act.

(2) An assignment, whether given for consideration or not, of a vested legal right, transfers the right and interest in the assignment to the assignee and extinguishes the right and interest in the assignment of the assignor if

(a) it is absolute and not by way of charge only, and

(b) it is in writing and is signed by the assignor or the agent of the assignor, and

(c) written notice of the assignment is given to the debtor or any other person against whom the right is enforceable.

(3) A purported assignment of a conditional right operates as a promise to assign the right if and when the condition occurs.

(4) An assignment, whether given for consideration or not, is valid although it does not comply with all or any of the requirements of subsection (2); but

(a) a right so assigned shall not be enforced or relied on against the debtor or any other party against whom the right is enforceable, unless the assignor is a party to the proceedings in which it is sought to be enforced or relied on, or unless the Court is satisfied that it would be impossible or impracticable so to join the assignor; and

(b) the assignment shall not prejudice the debtor or any other person against whom the right is enforceable unless the debtor or the other person has written notice of the assignment.

(5) Where there are two or more assignments in respect of the same debt or right, a later assignee shall have priority over an earlier assignee if the debtor or other person liable had not received written notice of the earlier assignment at the time when the later assignment was made.

(6) A debtor or other person against whom a right is enforceable is entitled as against a person to whom the debt or other right is assigned, to rely on or plead by way of defence, set off, counterclaim or otherwise, a matter relating to the right which the debtor or that other person could have so relied on or pleaded against the assignor at the time when the written notice of the assignment was received by the debtor or that other person.