New Mexico Assignment of Money Due is a legal document that allows individuals or businesses to transfer their rights to receive future payment to another party. This legal tool is commonly utilized when a person or company needs immediate funds and is willing to assign their rights to future payments in exchange for receiving a lump sum of money upfront. There are several types of Assignment of Money Due in New Mexico, including: 1. Personal Injury Settlement Assignment: This type of assignment is frequently used by individuals who have won a personal injury lawsuit and are due to receive future settlement payments. By assigning their rights to these payments, the injured party can access immediate funds to cover medical expenses, legal fees, or other immediate financial needs. 2. Structured Settlement Assignment: In cases where individuals are awarded a structured settlement, which entails receiving periodic payments over an extended period, an assignment can be made to transfer the rights to these payments. This allows the recipient to receive a lump sum amount and forgo the periodic payments. 3. Accounts Receivable Assignment: Businesses often utilize this type of assignment to improve cash flow. By assigning their rights to future customer payments, a company can obtain immediate funds to cover operational costs, invest in expansion, or settle outstanding debts. 4. Lottery Prize Assignment: When individuals win a lottery jackpot, they have the option to assign their rights to future annuity payments to a financial institution or investor. This allows the winner to receive a lump sum payment instead of waiting for annual installments. It is crucial to note that New Mexico Assignment of Money Due must adhere to state laws and regulations to ensure its validity. Parties involved in the assignment should seek the assistance of a legal professional to draft the document accurately and comply with the necessary legal requirements. In summary, New Mexico Assignment of Money Due is a legal mechanism that enables individuals and businesses to transfer their rights to future payments in exchange for immediate funds. It applies to various situations, including personal injury settlements, structured settlements, accounts receivable, and lottery prizes. Seeking legal advice is essential to ensure compliance with New Mexico laws and regulations.