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 New York Notice of Assignment by Assignee of Right to Payments is a legal document that serves as formal notice to a debtor that their debt or payment obligation has been assigned or transferred to a new party, known as the assignee. This notice is one of the essential steps in the process of transferring rights to receive payments from one party to another. In New York, the Notice of Assignment by Assignee of Right to Payments typically includes important details such as the names and addresses of the assignor (original creditor), the assignee (new creditor), and the debtor (the person who owes the payment). It outlines the specific debt or payment obligation that has been assigned, along with the relevant account numbers or references. The purpose of the notice is to inform the debtor that they should now direct their future payments to the assignee rather than the original creditor. It ensures that the assignee has legal proof of the assignment and allows them to enforce the debt collection if necessary. Different types of New York Notices of Assignment by Assignee of Right to Payments may include: 1. Notice of Assignment of Accounts Receivable: This type of notice is used when a business assigns its accounts receivable to another party, such as a factoring company. It enables the assignee to collect payments directly from the debtor. 2. Notice of Assignment of Lease Payments: When a landlord assigns the right to receive lease payments to another party, this notice is used. It notifies the tenant that future rent payments should be redirected to the assignee. 3. Notice of Assignment of Structured Settlement Payments: In cases where an individual receives periodic payments from a structured settlement, this notice is utilized when the right to receive future payments is assigned to a different person or entity. It informs the original recipient to send their future payments to the assignee. Overall, a New York Notice of Assignment by Assignee of Right to Payments is a crucial legal document in transferring payment obligations. By providing the necessary information to the debtor, it establishes a clear path for the assignee to collect the assigned payments and ensures a smooth transition of payment rights.
