2A:25-1 - Contracts and judgments assignable; action by assignee; defenses - New Jersey Statutes

2A:25-1  Contracts and judgments assignable; action by assignee; defenses.

2A:25-1.  All contracts for the sale and conveyance of real estate, all judgments and  decrees recovered in any of the courts of this State or of the United States or  in any of the courts of any other state of the United States and all choses in  action arising on contract shall be assignable, and the assignee may sue  thereon in his own name.  In such an action, the person sued shall be allowed,  not only all set-offs, discounts and defenses he has against the assignee, but  also all set-offs, discounts and defenses he had against the assignor before  notice of such assignment was given to him. The assignment of a sealed  instrument by writing not under seal shall be as valid as if under seal.

The assignee for a valuable consideration of any chose in action may, although the assignor is dead, sue for and recover the same in his own name. The person sued in any such action shall be allowed not only all set-offs, discounts and defenses he has against the assignee, but also all set-offs, discounts and defenses he had against the assignor or his representatives before notice of such assignment was given to him. 

Security interests in commercial tort claims may be created, attached, perfected and enforced in accordance with Chapter 9 of Title 12A of the New Jersey Statutes (12A:9-101 et seq.).

L.1951 (1st SS), c.344; amended 2001, c.386, s.137.