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 Oregon Notice of Assignment by Assignee of Right to Payments is a legal document that serves as a notification to parties involved in a payment agreement or contract. This notice informs them that the assignee, the party who is receiving the rights to receive future payments, has undergone an assignment of these rights. In the state of Oregon, this Notice of Assignment is required to be provided to the debtor, the party responsible for making the payments, as well as any third parties involved in the original payment agreement. It serves as a formal announcement of the assignment of the right to receive payments and establishes the assignee's legal claim to these payments. This Notice of Assignment by Assignee of Right to Payments helps ensure transparency and clarity for all parties involved. By providing this notice, the assignee informs the debtor and any third parties about the transfer of the right to receive payments. This enables them to redirect their future payments to the designated assignee rather than the original creditor or party. There are different types or variations of Oregon Notice of Assignment by Assignee of Right to Payments, depending on the specific nature of the assignment. Some common variations include Assignment of Accounts Receivable, Assignment of Lease Payments, Assignment of Royalty Payments, Assignment of Income Streams, or Assignment of Structured Settlement Payments. In each variation, the Notice of Assignment by Assignee of Right to Payments remains consistent in its purpose — to formally communicate the assignment of payment rights and redirect the payments to the designated assignee.
