1478. The sale of debts and of rights of action against third persons, is perfected between the seller and buyer by the completion of the title, if it be notarial, or by the delivery of the title if under private signature.
1479.
(1) Any absolute assignment by writing under the hand of the assignor (not purporting to be by way of charge only) of any debt or other legal thing in action, of which express notice in writing has been given to the debtor, trustee or other person from whom the assignor would have been entitled to claim such debt or thing in action, is effectual in law (subject to rights having priority over the right of the assignee) to pass and transfer from the date of such notice—
(a) the right to such debt or thing in action;
(b) all remedies for the same; and
(c) the power to give a good discharge for the same without the concurrence of the assignor:
Provided that, if the debtor, trustee or other person liable in respect of such debt or thing in action has notice—
(a) that the assignment is disputed by the assignor or any person claiming under him or her; or
(b) of any other opposing or conflicting claims to such debt or thing in action;
he or she may, if he or she thinks fit, either call upon the persons making claim thereto to interplead concerning the same, or pay the debt or other thing in action into Court under the provisions of the Fourth Part of this Code relating to Trustees.
(2) This article does not affect the provisions of the Commercial Code relating to Policies of Assurance.
(3) In this article the expression “thing in action” has the same meaning as it has by the law of England. (Substituted by Act 34 of 1956)
1480. If before the transfer is so made known to the debtor he or she has paid to the seller, he or she is discharged.
1481. The 2 last preceding articles do not apply to bills, notes or bank checks payable to order or to bearer; nor to debentures for the payment of money, nor to transfers of shares in the capital stock of incorporated companies.
Notes for the payment of money, or delivery of articles, to order or to bearer, may be transferred by endorsement or delivery, without notice, whether they are payable absolutely or subject to a condition.
1482. The sale of a debt or other right includes its accessories, such as securities, privileges and hypothecs.
1483. Arrears of interest accrued before the sale are not included in it as an accessory of the debt.
1484. The sale of a debt or other right implies a warranty that it exists and is due, or belongs to the seller, although the sale be without warranty; this rule, however, being subject to the exception declared in article 1420.
1485. When the seller by a simple clause of warranty assures the solvency of the debtor, the warranty applies only to his or her solvency at the time of sale, and is limited in amount to the price paid by the buyer.
1486. The preceding articles of this Chapter apply equally to transfers of debts and rights of action against third persons by contracts other than sales, except that article 1484 does not apply to gifts.