Which of the following is an illustration of the possession of tangible token rule?
A)An obligee who is owed $10, 000 assigns the right of collection $5, 000 each to two assignees.
B)The right of collecting $10, 000 is recorded in the assignee's savings account passbook.
C)The assignee can re-assign the right only to a sub-assignee selected by the obligee.
D)An obligee cannot assign a right to collection of more than once.

Question

Quizplus · Accepted Answer

The possession of tangible token rule states that the assignee's possession of a tangible token, such as a savings account passbook or a stock certificate, is evidence of the assignment of the right. Therefore, choice B is the best illustration of this rule. Choices A, C, and D describe other aspects of assignment law but do not relate specifically to the possession of tangible tokens.

Which of the Following Is an Illustration of the Possession