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.
A Mississippi Notice of Assignment by Assignee of Right to Payments is a legal document that formally notifies individuals or entities with a vested interest in a particular assignment agreement. This notice signifies the transfer of rights to receive payments from the assignor to the assignee. The primary purpose of a Mississippi Notice of Assignment by Assignee of Right to Payments is to inform all relevant parties about the change in ownership of the assigned rights. It serves as a written confirmation and protects the assignee's new rights and interests. In Mississippi, there can be various types of Notice of Assignment by Assignee of Right to Payments, depending on the nature of the assignment. Some common types include: 1. Mortgage Assignment: This type of notice is used when a mortgage loan is assigned by the original lender (assignor) to a new lender (assignee). It ensures that the borrower is aware of the change and knows where to make future payments. 2. Accounts Receivable Assignment: When a company assigns its accounts receivable to a factor or another business, a Notice of Assignment is filed to notify customers and other parties obligated to make payments. This facilitates a smooth transition in payment processing. 3. Structured Settlement Assignment: In the case of a structured settlement, where periodic payments are made to a person, they may decide to assign these future payments to another party in exchange for a lump sum. A notice is then filed to inform the obliged, often an insurance company, about the change in payment recipient. 4. Assignment of Royalties: Musicians, authors, or artists may assign their future royalty rights to a publishing company or a third party. A Notice of Assignment is necessary to inform the entities responsible for royalty disbursement about the change in payee. Regardless of the specific type, a Mississippi Notice of Assignment by Assignee of Right to Payments typically contains essential information such as the names and addresses of all parties involved, a clear identification of the assigned rights, the effective date of the assignment, and any relevant terms and conditions. It is crucial for both assignors and assignees to ensure that the Notice of Assignment is correctly completed and filed according to Mississippi law. This document serves as proof of the assignment and is legally binding. Failure to file may result in disputes or difficulties in enforcing the new assignee's rights to receive payments.
