Assignment Of Money Due In Philadelphia
Category:
State:
Multi-State
County:
Philadelphia
Control #:
US-00422
Format:
Word;
Rich Text
Instant download
Description
The Assignment of Money Due is a legal document utilized in Philadelphia that enables the assignor to transfer their rights to a specific debt to an assignee. This form includes essential details such as the names of the assignor and assignee, a description of the debt, and the amount due. It is a non-recourse assignment, which means the assignee is solely responsible for collecting the debt, while the assignor guarantees the validity of the debt. This form is particularly useful for attorneys, business partners, and legal professionals involved in transactions requiring the transfer of receivables. To fill out the form, users should clearly state the details of the debt and ensure that both parties sign it to validate the assignment. The form serves as a safeguard for the assignee, as it documents the rights being transferred and provides proof of the assignor's obligation to defend the validity of the debt. Paralegals and legal assistants may assist in drafting and ensuring compliance with applicable laws. This form streamlines the process of debt assignment and provides a clear course of action for collection, making it an essential tool for those in the legal and business fields.
