A valid assignment takes effect the moment it is made regardless of whether notice of the assignment is given to the other party to the contract. If the obligor 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.
The Arizona Notice of Assignment by Assignee of Right to Payments is a legal document that serves as a formal notification to inform parties involved about the assignment of rights to payments. This notice is typically used when a person or business entity, known as the assignor, transfers their right to receive payments from another party to an assignee. The assignee is then responsible for collecting and managing the assigned payments. Keywords: Arizona, notice of assignment, assignee, right to payments, legal document, formal notification, assignor, transfers, collect, manage. There are several types of Arizona Notices of Assignment by Assignee of Right to Payments that may be used, depending on the specific circumstances: 1. Arizona Notice of Assignment of Accounts Receivable: This type of notice is used when an assignor transfers their right to receive payments from accounts receivable to an assignee. Accounts receivable typically include outstanding invoices and payments owed by customers or clients. 2. Arizona Notice of Assignment of Lease Payments: This notice is utilized when an assignor assigns their right to receive rental payments from a lease agreement to an assignee. It is common in commercial real estate transactions or when a landlord wishes to transfer their future rental payments to another party. 3. Arizona Notice of Assignment of Structured Settlement Payments: This type of notice is used when an assignor assigns their right to receive future periodic payments from a structured settlement to an assignee. Structured settlements often result from personal injury or lawsuit settlements and may involve regularly scheduled payments over a specified period. 4. Arizona Notice of Assignment of Royalty Payments: This notice is employed when an assignor transfers their right to receive royalties, such as those from intellectual property or oil and gas leases, to an assignee. Royalty payments are typically based on a percentage of sales or revenue generated from the assigned property or rights. Remember, the specific details and contents of each notice may vary depending on the type of assignment involved and the applicable laws in Arizona. It is recommended to consult with a legal professional or attorney to ensure the notice of assignment accurately reflects the intentions of the parties involved and complies with the legal requirements.
