Most of the academic discussion of the Trident Beauty has focused on its relevance to the law of restitution, in particular, restitution against third parties. This is understandable given the role restitution played in the judgments. Opinions have differed as to whether the House of Lords reached the correct result and this perhaps reflects the level of debate over what principles should govern restitutionary claims in this area. The restitutionary points were not, however, the beginning and end of the matter and some important issues of assignment have been marginalised in the wake of the restitutionary debate. The assignment of contractual rights is one part of the standard contract text that still defies analysis. However, the recent spate of difficult assignment related cases, evidencing its continued importance to commerce, as well as the near settlement of the modern rules of privity, suggest that the time is ripe to take it out of the too hard basket and put it on the agenda for the next decade. It is not, however, the aim of this paper to detail, much less resolve, every problem that exists within this area of the law. The much more modest aim here is to investigate the assignment issues raised by The Trident Beauty. The end result is that these issues resolve the restitutionary problem raised by the case if the suggested analysis is adopted. It is hoped that this paper will also show that this area of the law is simplified if there is a proper understanding of the relationship between the assignee and obligor and more time spent on construing the rights assigned to the assignee and the obligations of the obligor rather than taking refuge too quickly in phrases such as “the assignee takes subject to the equities” and “the assignee can be in no better position than the assignor”. This paper begins with a look at the decision in The Trident Beauty itself.