North Carolina Notice of Assignment by Seller to Holder of Preferential Purchase Right

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US-OG-597
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This is a form of Notice of Assignment by a Seller to the Holder of a Preferential Purchase Right.
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FAQ

The buyer obtains a security interest in the goods rejected or revoked until his purchase price and expenses of holding and disposition are recovered. N.C.G.S. $25-2-711 (3). Any proceeds from liquidation of the buyer's security interest is a self-help recovery and must be credited to the seller.

What We Do. The Uniform Commercial Code Section operates under Chapter 25, Article 9 of the North Carolina General Statutes to provide a method of giving notice of a security interest in personal property to interested third parties.

Sometimes anti-assignment clauses, legal concerns, and/or public policy issues, among other things, prevent assignment. North Carolina courts, however, generally favor the free transferability of all types of property, including contracts (see NC Gen. Stat.

Contract rights and benefits can lawfully be assigned so long as no prior agreement prohibits an assignment. All required is for the assigning party (the assignor) to agree with the assignee (the third party recipient) that they will be transmitting their rights to them.

(The exceptions are (i) contracts that are subject to statutes or public policies prohibiting their assignment, such as intellectual property contracts, or (ii) contracts where an assignment without consent would cause material and adverse consequences to non-assigning counterparties, such as employment agreements and ...

§ 25-1-304. Obligation of good faith. Every contract or duty within this Chapter imposes an obligation of good faith in its performance and enforcement.

Assignment of contracts is the legal transfer of the obligations and benefits of a contract from one party, called the assignor, to another, called the assignee. The assignor must properly notify the assignee so that he or she can take over the contractual rights and obligations.

Sometimes anti-assignment clauses, legal concerns, and/or public policy issues, among other things, prevent assignment. North Carolina courts, however, generally favor the free transferability of all types of property, including contracts (see NC Gen. Stat.

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North Carolina Notice of Assignment by Seller to Holder of Preferential Purchase Right