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. An assignee of a contract may generally sue directly on the contract rather than suing in the name of the assignor. The obligor is the person responsible to make payments to the assignee.
Mississippi Notice of Default by Assignee to Obligor
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Multi-State
Control #:
US-01461BG
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Word;
Rich Text
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How to fill out Notice Of Default By Assignee To Obligor?
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FAQ
An obligor is a party that is obligated to do something under the terms of a contract. An obligor can be an individual, a group, or a business. You might be familiar with the term 'obligor' because it's often used to describe a 'borrower' or a 'debtor'. This is because many contracts are debt contracts.
The ASSIGNNEE should notify the obligor. If an obligor renders performance to the assignor without notice of the assignment, the obligor has no further liability under the contract to pay the correct party which would now be the assignee.
If a Legal Assignment has been made, part of the purchasing company's obligations are to inform you of the situation via an official Notice of Assignment, and let you know that payment should be made to themselves rather than the original lender who borrowed money to you.
A form letter that an assignee of contractual rights or delegatee of contractual duties uses to provide notice to the non-assigning or non-delegating party to the contract (also known as the obligor) of a transfer of contractual rights or duties.
A party does not necessarily have to give notice of the assignment to the other party unless the requires it.
The ASSIGNNEE should notify the obligor. If an obligor renders performance to the assignor without notice of the assignment, the obligor has no further liability under the contract to pay the correct party which would now be the assignee.
