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An assignment takes place when one party is holding a right to property, claims, bills, lease, etc., of another party and wishes to pass it along (or sell it) to a third party. Strangely enough, many assignments can be made under the law without immediately informing, or obtaining the permission, of the personal obligated to perform under the contract.
An example of this is when your mortgage is sold to another mortgage company.
An assignment doesn't always relieve the assignor of liability.
Some contracts may include a guarantee that, regardless of an assignment, the original parties (or one of them) guarantees performance (that is, that the assignee will fulfill the terms of the contract).
OBJECT: NOTICE OF ASSIGNMENT Dear [CONTACT NAME], You are hereby notified that on 19-Mar-2020 13:17 we have assigned and transferred to [SPECIFY] the following [SPECIFY] existing between us: [DESCRIBE] Please direct any further correspondence (or payments, if applicable) to them at the following address: [ADDRESS] Please contact us should you have any questions. [YOUR NAME] [YOUR TITLE] [YOUR PHONE NUMBER] [[email protected]
COM] [YOUR COMPANY NAME] [YOUR COMPLETE ADDRESS] Tel: [YOUR PHONE NU Download the Business-in-a-Box software to instantly access the entire collection of 1,800 business and legal document templates!The original mortgage company may not inform you for several weeks, and they certainly aren’t going to ask your permission to make the sale.If a person obligated to perform has received notice of the assignment and still insists on paying the initial assignor, the person will still be obligated to pay the new assignee according to the agreement.The Technology and Construction Court (TCC), earlier this year, considered the effect of an assignment of the benefit of development documents to a lender.The key question was whether, the borrower, Mailbox, had the benefit of the building contract at the time it commenced an adjudication against Galliford Try, the contractor.If the obligated party has not yet been informed of the assignment and pays the original note holder (assignor), the assignor is obligated to turn those funds over to the new assignee.But, what are the remedies if this doesn’t take place?An assignment of a contract will not be enforced in the following situations. Contract language, typically referred to as an anti-assignment clause, can prohibit (and "void") any assignments. The assignment materially alters what's expected under the contract.If the assignment affects the performance due under the contract, decreases the value or return anticipated, or increases the risks for the other party to the contract (the party who is not assigning contractual rights), courts are unlikely to enforce the arrangement. For example, many states prohibit the assignment of future wages by an employee, and the federal government prohibits the assignment of certain claims against the government.Therefore, it is important to remember that if any note or obligation is assigned to another party, each party should be well aware of their responsibilities in the transaction and uphold them according to the laws of their state.Assignment forms should be well thought out and written in a manner which prevents the failure of one party against another.