A valid assignment takes effect the moment it is made regardless of whether notice of the assignment is given to the other party to the contract. If the obligor is notified that there has been an assignment and that any money due must be paid to the assignee, the obligor's obligation can only be discharged by making payment to the assignee. In other words, payment to the assignor would not satisfy the contract after notice.
Colorado Notice of Assignment by Assignee of Right to Payments is a legal document used in the state of Colorado to notify the debtor and other relevant parties about the assignment of the right to receive payments to a new assignee. This document establishes the transfer of rights and obligations related to certain payments, such as royalties, commissions, or installments, from the original recipient (assignor) to the new assignee. Keywords: Colorado, Notice of Assignment, Assignee, Right to Payments, debtor, assignor, new assignee, legal document, transfer of rights, obligations, royalties, commissions, installments. Types of Colorado Notice of Assignment by Assignee of Right to Payments: 1. Colorado Notice of Assignment by Assignee of Right to Royalties: This specific type of notice is used when the assignor wishes to transfer their right to receive royalty payments to the assignee. It outlines the details of the assignment, including the amount and frequency of royalty payments, the effective date of the assignment, and any specific conditions or limitations. 2. Colorado Notice of Assignment by Assignee of Right to Commissions: In cases where an assignor wants to assign their right to receive commissions to another party, this type of notice is utilized. It specifies the terms and conditions of the assignment, including the commission structure, the relevant sales or services, and any commission caps or limitations. 3. Colorado Notice of Assignment by Assignee of Right to Installment Payments: When an assignor intends to assign their right to receive installment payments, such as loan repayments or structured settlement payments, this notice is employed. It includes details about the original agreement, the assigned payments, the assignee, and any changes to the payment terms resulting from the assignment. 4. Colorado Notice of Assignment by Assignee of Right to Mortgage Payments: This notice is applicable when the assignor seeks to transfer their right to receive mortgage payments to a new assignee. It specifies the relevant mortgage details, such as the property address, the original mortgage agreement, the assignee's information, and any amendments to the payment terms. Note: These are just a few examples of the different types of Colorado Notice of Assignment by Assignee of Right to Payments. Depending on the specific nature of the assignment and the types of payments involved, other variations of the notice may exist.
