Where the freight has been legally assigned1 by the shipowner, it is payable to the assignee2. The shipowner is entitled to assign the freight at any time during the subsistence of the contract under which it is payable, whether before3 or after4 it has become due. He may also make an equitable assignment of present or future freight, that is to say the freight which the ship may earn on future voyages as to which no contracts have been made at the date of the assignment5.
Since any assignment, legal or equitable, is subject to equities6, the assignee takes the
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