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.
Title: Understanding Virginia Notice of Assignment by Assignee of Right to Payments Keywords: Virginia notice of assignment, assignee of rights, payments, types Introduction: The Virginia Notice of Assignment by Assignee of Right to Payments is a legal document that allows the transfer of the rights to receive payments from one party to another. This assignment ensures that the assignee gains the right to collect and manage the assigned payments. In Virginia, there are several types of Notice of Assignment by Assignee of Right to Payments, each serving varying purposes. Types of Virginia Notice of Assignment by Assignee of Right to Payments: 1. General Notice of Assignment: A General Notice of Assignment in Virginia is a standard form used to assign the right to receive payments to another party. It establishes a clear understanding between the assignor (the party assigning the rights) and the assignee (the party receiving the rights). This type of notice is commonly used for assignments such as royalties, lease payments, or other recurring payment obligations. 2. Notice of Assignment of Accounts Receivable: This type of Notice of Assignment is used when a business assigns its accounts receivable (outstanding client invoices) to a third-party assignee, commonly a factor or a financing institution. By using this notice, the assignee gains the right to collect the outstanding payments from the debtor. 3. Notice of Assignment of Structured Settlement Payments: Structured settlements are often issued as a series of periodic payments to a person involved in a lawsuit or insurance claim. In some cases, the payee may wish to assign the future rights to receive these periodic payments to a third party, such as a financing institution or investor. The Notice of Assignment of Structured Settlement Payments is necessary to establish the transfer of these payment rights. 4. Notice of Assignment of Lottery Winnings: When an individual wins a lottery prize, they may choose to assign their rights to receive future installment payments or the entire lump sum to another party. In Virginia, this type of notice is required to make the assignment valid, ensuring the assignee rightfully receives the lottery payments. Conclusion: Virginia Notice of Assignment by Assignee of Right to Payments is a crucial legal document that facilitates the transfer of payment rights from one party to another. Whether it is a general assignment, accounts receivable transfer, structured settlement payment assignment, or lottery winnings assignment, each type of notice serves a distinct purpose in ensuring a legal and transparent transfer of payment rights. Understanding the specific notice relevant to your assignment is crucial to protect the rights and interests of all parties involved.
