ABSTRACT
The former does not involve the discharge of any obligation or liability: it simply permits A to exercise for his own benefit an existing cause of action available to B against C in certain cases where he has himself paid B. The cause of action remains B’s, and proceedings will be in his name: but A has the right to direct them, and to take part or all of any recoveries that may result. A straightforward example is the right of an underwriter (A) in an indemnity insurance contract to take over for his own benefit any cause of action vested in the assured (B) against a third party (C).70
