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.
The Florida Notice of Assignment by Assignee of Right to Payments is a legal document used in the state of Florida to formally notify relevant parties of the assignment of payment rights from one party to another. This document serves as official proof that the assigned party, known as the assignee, now holds the right to receive payments that were previously owed to the assignor. Keywords: Florida, Notice of Assignment, Assignee of Right to Payments, legal document, payment rights, assignor. In Florida, there are two main types of Notice of Assignment by Assignee of Right to Payments: 1. General Notice of Assignment by Assignee of Right to Payments: This type of notice is used when a party assigns all of their payment rights to another party, the assignee. It is typically used in cases where an individual or business wants to transfer all future payments from a specific source to another party. This could be applicable in situations such as selling off accounts receivable or assigning future income to secure a loan. Keywords: General Notice, all payment rights, transfer, future payments, accounts receivable, income, secure loan. 2. Specific Notice of Assignment by Assignee of Right to Payments: This notice is applicable when only specific payment rights are assigned to the assignee, rather than all payments from a specific source or debtor. This type of notice is commonly used in situations involving partial assignments or when specific payment obligations are being transferred to another party. Keywords: Specific Notice, specific payment rights, partial assignments, payment obligations, transferred. Regardless of the type, the Florida Notice of Assignment by Assignee of Right to Payments should include certain essential elements, such as: — Identification of the assignor: Clearly state the name, address, and contact information of the assignor, the party assigning their payment rights. — Identification of the assignee: Provide the full name, address, and contact details of the assignee, the party receiving the payment rights. — Description of the payment rights: Specify the nature and details of the payment rights being assigned, including the source of the payments, specific accounts, or any other relevant information. — Effective date: State the date from which the assignment is effective. This ensures clarity regarding the commencement of the assignee's rights to receive payments. — Obligations and representations: This section outlines any obligations or representations made by the assignor and may include information about warranties, guarantees, or specific conditions. — Governing law: Specify that the notice of assignment is governed by the laws of the state of Florida, establishing jurisdiction for any legal matters related to the assignment. Keywords: Identification, assignor, assignee, payment rights, effective date, obligations, representations, governing law, jurisdiction. Overall, the Florida Notice of Assignment by Assignee of Right to Payments is a crucial document for legally documenting the transfer of payment rights from one party to another. It ensures transparency and safeguards the rights of both the assignor and the assignee in any payment-related transactions in the state of Florida.
