Maryland Notice of Assignment by Assignor to Obligor

• Category: Contracts - Assignments
• State: Multi-State
• Control #: US-0324BG
• Format: Word; Rich Text

Description

This form is a notice of assignment by assignor to obligor. 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. 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.

Maryland Notice of Assignment by Assignor to Obliged is a legal document used to formally notify the debtor, known as the obliged, that their debt or obligation has been transferred or assigned to a new party, known as the assignee. This notice informs the obliged about the change in creditor and provides them with the necessary information to make future payments and fulfill their obligations. The Maryland Notice of Assignment by Assignor to Obliged is a crucial document that ensures transparency and clarity in the debt transfer process, protecting the rights and interests of all parties involved. It serves as a written proof of the assignment, establishing a legal relationship between the assignor and the obliged, as well as the assignee. Keywords: Maryland, Notice of Assignment, Assignor, Obliged, debt transfer, assignee, creditor, legal document, transparency, obligations, payments, rights, interests, relationship. There are no specific types of Maryland Notice of Assignment by Assignor to Obliged mentioned. However, the notice can be tailored according to the specific circumstances of the assignment, such as different types of debt obligations (e.g., loans, accounts receivable), varying amounts, or any other relevant information specific to the assignment being made.