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 Rhode Island Notice of Assignment by Assignee of Right to Payments is a legal document that serves as an official notice of the assignment of rights to payments from one party to another. This document is commonly used in Rhode Island when individuals or businesses transfer their rights to receive payments, such as those stemming from a contract or agreement, to another party known as the assignee. The purpose of this notice is to inform other relevant parties, such as debtors or mayors, about the change in possession of these payment rights. By providing this notice, the assignee ensures that all future payments intended for the assignor will be directed to them instead. It is important to note that there may be different types of Rhode Island Notice of Assignment by Assignee of Right to Payments depending on the specific nature of the assignment. For example, some common types include: 1. Notice of Assignment of Accounts Receivable: This type of notice is used when the assignor transfers their rights to receive payments from outstanding accounts receivable to the assignee. This is often seen in scenarios where a business sells its accounts receivable to a third-party collection agency. 2. Notice of Assignment of Structured Settlement Payments: In cases where an individual or organization receives payments through a structured settlement (commonly resulting from a personal injury lawsuit or lottery winnings), this type of notice is used to assign those future payment rights to an assignee. 3. Notice of Assignment of Royalties: When an individual or entity holds the rights to receive royalties, such as those from intellectual property (books, music, patents), they may decide to assign those payment rights to another party. This notice would inform mayors, such as publishers or licensees, of the change in ownership. Overall, the Rhode Island Notice of Assignment by Assignee of Right to Payments is a crucial legal document that facilitates the transfer of payment rights between parties. Through this notice, all relevant parties are made aware of the assignment, ensuring a smooth transition and accurate payment processing.
