Assignment Of Money Due In Michigan
Category:
State:
Multi-State
Control #:
US-00422
Format:
Word;
Rich Text
Instant download
Description
The Assignment of Money Due in Michigan is a legal document that facilitates the transfer of rights to a specific debt from one party, known as the Assignor, to another, the Assignee. This form requires the Assignor to clearly specify the debt, including details such as the amounts due and payment dates. It indicates that the assignment is non-recourse, meaning the Assignee bears the responsibility for collection efforts without recourse to the Assignor beyond the initial transfer. Legal professionals, including attorneys, paralegals, and legal assistants, can utilize this form for various scenarios, such as securing payment from clients or transferring receivables. The use of this form enhances transparency in financial transactions and helps protect the interests of the parties involved. When filling out the form, it's essential to provide accurate debt descriptions and ensure both parties sign and date it to validate the assignment. This document is beneficial for partnerships and businesses aiming to manage their debts effectively while maintaining compliance with Michigan laws.
