An assignment is a transfer of rights that a party has under a contract to another person, called an assignee. The assigning party is called the assignor. If the obligor (person obligated to pay) 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. If the obligor does not know of the assignment and makes payments to the assignor who does not turn the money over to the assignee, the assignee cannot sue the obligor, but does have a remedy against the assignor. However, if the obligor both knows of the assignment and has been notified to make future payments to the assignee, any payments made by the obligor to the assignor have no effect and do not reduce the debt of the obligor.
The New Jersey Notice of Assignment is a legal document that serves as a formal notice to inform parties involved in a contractual agreement about the assignment of rights and duties. This notice is typically utilized when there is a transfer of rights or obligations from one person or entity to another. In New Jersey, there are different types of Notice of Assignments depending on the nature of the assignment and the specific area of law it pertains to: 1. Real Estate Notice of Assignment: This type of notice is often used in real estate transactions when the ownership or mortgage rights of a property change hands. It ensures that all relevant parties, including the original debtor, the assignee, and any relevant third parties, are notified about the transfer. 2. Personal Property Notice of Assignment: This notice is commonly employed in situations where personal property rights are assigned from one individual to another. It is typically used when transferring ownership or leasing agreements for vehicles, equipment, or other valuable possessions. 3. Assignment of Contract Notice: This notice is frequently used in business contracts or agreements to inform all parties involved about the assignment of contractual rights and obligations to another party. It ensures transparency and legal compliance during the transfer of contractual duties. 4. Assignment of Debt Notice: This type of notice is crucial when a creditor assigns their right to collect a debt to another party. By providing this notice, both the original creditor and the debtor are informed about the change in debt ownership and the new party responsible for collection. 5. Assignment of Judgment Notice: In cases where a court has already rendered a judgment in favor of a party, this notice is used to inform the original judgment debtor and interested parties about the assignment of that judgment to another party. It serves as a legal notification that the assigned party now holds the right to enforce the judgment. When drafting a New Jersey Notice of Assignment, it is essential to include relevant information such as the date of the assignment, the names and addresses of all parties involved, details about the original agreement or contract, and a clear statement defining the rights and duties being assigned. Additionally, it is important to adhere to the specific legal requirements and formatting guidelines set forth by the New Jersey court system to ensure the notice is valid and enforceable.
