This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
If an assignment is executed and passes legal title, then as between the assignor and the assignee no consideration is neces-sary. Such assignment is valid even though gratuitous.1 If the assignment is executed and passes full title to the assignee, the dehtor cannot object that the assignment was without consideration,2 or that it was given for a pre-existing debt,3 or for due-hills of the assignee,4 or is otherwise invalid.5 As between two successive assignees of the same fund the prior must show that he took for value if he is to prevail against a subsequent bona fide assignee for value.6 If the assignment is executory, it is a contract to be enforced in equity by treating the equitable interest as passing thereunder. Such a contract, like any other, requires consideration.7