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.
California Notice of Assignment by Assignee of Right to Payments is a legal document used to announce a transfer of rights to receive payments from one party to another. This notice is typically required when there is an assignment of a payment obligation, such as an installment loan, lease, or royalty agreement, governed by California law. When drafting a California Notice of Assignment by Assignee of Right to Payments, it is crucial to include relevant keywords to ensure the content is specific and informative. Some essential keywords for this document are: 1. California: This keyword indicates that the notice pertains to assignments governed by California law. It ensures the document complies with state-specific regulations, rules, and requirements. 2. Notice of Assignment: This keyword highlights that the purpose of the document is to formally notify the original debtor (the party responsible for making the payment) about the transfer of payment rights to an assignee. 3. Assignee: The term "assignee" refers to the party or entity that is receiving the rights to receive payments. This could be an individual, a company, or a financial institution. 4. Right to Payments: This keyword signifies that the notice is related to the transfer of the assignor's right to collect or receive specific payments from the original debtor. Different types of California Notice of Assignment by Assignee of Right to Payments can vary based on the nature of the underlying agreement and the type of payment being assigned. Some common types include: 1. California Notice of Assignment by Assignee of Right to Installment Payments: This type of notice is used when the assignment involves installment payments, such as those related to a loan or lease agreement. 2. California Notice of Assignment by Assignee of Right to Royalty Payments: This type of notice is employed when the assignment involves the transfer of rights to receive royalty payments, such as those associated with intellectual property or mineral rights. 3. California Notice of Assignment by Assignee of Right to Lease Payments: This type of notice is utilized to inform the original debtor about the assignment of lease payment rights, typically in the context of commercial or residential leases. In all types of California Notice of Assignment by Assignee of Right to Payments, it is important to provide specific details such as the names and contact information of the assignor, assignee, and original debtor, information about the assigned payment obligations, effective dates, and any additional terms or conditions relating to the assignment.
