Singapore legislation
Section 11
Section 11
Assignments of right, title and interest of hirer under regulated agreement
(1)
The right, title and interest of a hirer under a regulated agreement may be assigned with the consent of the owner, or if his consent is unreasonably withheld, without his consent.
(2)
Except as otherwise provided in this section, no payment or other consideration shall be required by an owner for his consent to such an assignment as is mentioned in subsection (1) and where an owner requires any such payment or other consideration for his consent, that consent shall be deemed to be unreasonably withheld.
(3)
Where, at the request of a hirer under a regulated agreement, the owner fails or refuses to give his consent to an assignment by the hirer of his right, title and interest under the agreement, the hirer may apply to a court for an order declaring that the consent of the owner to that assignment has unreasonably been withheld.
(4)
Where an order is made under subsection (3) the consent shall be deemed to be unreasonably withheld.
(5)
As a condition of granting consent to an assignment of the right, title and interest of the hirer under a regulated agreement, the owner may stipulate that all defaults under the agreement shall be made good and may require the hirer and assignee —
to execute and deliver to the owner an assignment in a form approved by the owner whereby, without prejudicing or affecting the continuing personal liability of the hirer in those respects, the assignee agrees with the owner to be personally liable to pay the instalments remaining unpaid and to perform and observe all other stipulations and conditions of the regulated agreement during the residue of the term of the regulated agreement and whereby the assignee indemnifies the hirer in respect of those liabilities; and
to pay to the owner any reasonable costs incurred by the owner (including legal expenses) in preparing, drawing, stamping or registering the assignment, agreement or counterparts.