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?An assignment of a right [to receive periodic payments] is a manifestation of the assignor's [structured settlement recipient's] intention to transfer it [right to receive periodic payments] by virtue of which the assignor's [structured settlement recipient's] right to performance by the obligor [assignment company] ...

The assignee does not become a party to the contract with the promisor. As the burden or obligations of the contract cannot be assigned, the assignor remains liable post assignment to perform any part of the contract that has not yet been performed.

Usually, the assignee receives payment when the assignor is entitled to payment under the original contract. This is called an assignment of a right. But sometimes, the entire contract is assigned, as in the case where the assignee also assumes the duties of the assignor under the contract.

'Assignment' means transfer of contractual rights or liability by a party to the contract to some other person who is not a party. It would not be wrong to say that as a matter of established principle, obligations are not assignable and once assigned it amounts to novation.

A payment agreement (or repayment agreement) outlines an installment plan to repay an outstanding balance that is made over a specified time frame. This is common when an amount is too much to pay for a debtor in a single payment.

What is a payment agreement? A payment agreement is a legal contract detailing the terms of installment payments between the lender (the creditor) and the payer (the debtor).

A right cannot be assigned if the assignment will significantly increase or alter the risks to or the duties of the obligor (the party owing performance under the contract).