An actionable claim means any unsecured debt or any beneficial interest in movable property, not in possession, actual or constructive, of the claimant. It is a claim relating to a simple debt for which there is no security of movable or immovable property. The mode of transfer or assignment of an actionable claim may be, by way of sale, mortgage, gift or exchange. The assignment of an actionable claim must be affected by an instrument in writing signed by the transferor or his duly authorized agent. The assignment need not be made by a separate document but only an endorsement at the back of a document comprising the actionable claim is enough. The transfer or assignment shall take effect from the date of the execution of the writing and its effect is to vest all the rights and remedies of the transferor in the transferee. After the transfer, the transferee is subjected to all the liabilities and equities to which the transferor was subjected at the date of the transfer. The transferee, in his own interest, must give notice of the transfer to the debtor, as early as possible. Once the debtor receives the notice of assignment, he becomes liable to pay the debt only to the transferee. Such a notice must be in writing and it must state the name and address of the transferee. There is no time limit for giving the notice.
