An assignment is a transfer of rights that a party has under a contract to another person, called an assignee. The assigning party is called the assignor. If the obligor (person obligated to pay) is notified that there has been an assignment and that any money due must be paid to the assignee, the obligor's obligation can only be discharged by making payment to the assignee. In other words, payment to the assignor would not satisfy the contract after notice. If the obligor does not know of the assignment and makes payments to the assignor who does not turn the money over to the assignee, the assignee cannot sue the obligor, but does have a remedy against the assignor. However, if the obligor both knows of the assignment and has been notified to make future payments to the assignee, any payments made by the obligor to the assignor have no effect and do not reduce the debt of the obligor.
Chicago Illinois Notice of Assignment is a legal document that serves as a notice to the parties involved in an assignment transaction. This document is crucial in the event of transferring rights, obligations, or interests from one party (assignor) to another party (assignee) in the jurisdiction of Chicago, Illinois. The Chicago Illinois Notice of Assignment outlines the details and terms of the assignment, providing clarity and transparency to all parties involved. It typically includes information such as the names and addresses of both the assignor and assignee, a description of the rights or interests being assigned, effective date of the assignment, and any other relevant terms and conditions. In the context of Chicago, Illinois, there can be different types of Notice of Assignment, depending on the nature of the assignment. Some common types include: 1. Real Estate Assignment: This type of Notice of Assignment is utilized when there is a transfer of real estate rights, such as a lease or mortgage, within the city of Chicago, Illinois. 2. Business Assignment: This category refers to the transfer of rights, ownership, or interests in a business, whether it be a partnership, corporation, or sole proprietorship. A Chicago Illinois Notice of Assignment is crucial in instances where a business is sold, merged, or undergoes a change in ownership structure. 3. Intellectual Property Assignment: This type of assignment entails the transfer of intellectual property rights, including patents, copyrights, or trademarks, within the jurisdiction of Chicago, Illinois. A Notice of Assignment is needed to legally document the transfer of these valuable assets. 4. Debt Assignment: This category pertains to the transfer of debt obligations from one party to another. In Chicago, Illinois, a Notice of Assignment is used when a creditor assigns their rights to collect on a debt to another party. It is important to note that the specifics and requirements of a Notice of Assignment may vary depending on the nature of the assignment and applicable local laws in Chicago, Illinois. Therefore, it is recommended to consult with a legal professional or utilize a reliable legal service to ensure the document is drafted correctly and complies with all relevant regulations.Chicago Illinois Notice of Assignment is a legal document that serves as a notice to the parties involved in an assignment transaction. This document is crucial in the event of transferring rights, obligations, or interests from one party (assignor) to another party (assignee) in the jurisdiction of Chicago, Illinois. The Chicago Illinois Notice of Assignment outlines the details and terms of the assignment, providing clarity and transparency to all parties involved. It typically includes information such as the names and addresses of both the assignor and assignee, a description of the rights or interests being assigned, effective date of the assignment, and any other relevant terms and conditions. In the context of Chicago, Illinois, there can be different types of Notice of Assignment, depending on the nature of the assignment. Some common types include: 1. Real Estate Assignment: This type of Notice of Assignment is utilized when there is a transfer of real estate rights, such as a lease or mortgage, within the city of Chicago, Illinois. 2. Business Assignment: This category refers to the transfer of rights, ownership, or interests in a business, whether it be a partnership, corporation, or sole proprietorship. A Chicago Illinois Notice of Assignment is crucial in instances where a business is sold, merged, or undergoes a change in ownership structure. 3. Intellectual Property Assignment: This type of assignment entails the transfer of intellectual property rights, including patents, copyrights, or trademarks, within the jurisdiction of Chicago, Illinois. A Notice of Assignment is needed to legally document the transfer of these valuable assets. 4. Debt Assignment: This category pertains to the transfer of debt obligations from one party to another. In Chicago, Illinois, a Notice of Assignment is used when a creditor assigns their rights to collect on a debt to another party. It is important to note that the specifics and requirements of a Notice of Assignment may vary depending on the nature of the assignment and applicable local laws in Chicago, Illinois. Therefore, it is recommended to consult with a legal professional or utilize a reliable legal service to ensure the document is drafted correctly and complies with all relevant regulations.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
