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: Exploring the Wisconsin Notice of Assignment by Assignee of Right to Payments: Types and Detailed Description Introduction: The Wisconsin Notice of Assignment by Assignee of Right to Payments is a legal document used to inform third parties, such as debtors or obliges, about an assignment of rights to receive payments. This notice plays a vital role in documenting and protecting the interests of the assignee. In Wisconsin, there are two primary types of Notice of Assignment by Assignee of Right to Payments, namely Voluntary and Involuntary Assignment. Let's explore these types in detail: 1. Voluntary Assignment: A Voluntary Assignment occurs when an individual or entity willingly transfers their right to receive payments to another party, known as the assignee. This type of notice is frequently used in cases of loan assignments, financial transactions involving accounts receivable, or contractual obligations. The key elements of a Voluntary Assignment notice typically include: — Identification of the Parties: The notice must include the names and contact information of both the assignor (original recipient of payments) and the assignee (new recipient of payments). — Payment Rights Identification: Detailed information about the assigned payments, including payment amount, payment schedule, and the duration of the assignment, must be included. — Assurances and Acknowledgments: The assignor often confirms their intent to transfer the right to payments by providing written assent and acknowledging awareness of the assignment. — Debtor Notification: The notice must specify the identified debtor or obliged, alerting them of the assignment, and advising them to redirect their payments to the assignee. It may include instructions on payment modalities and details of the assignee's contact information. 2. Involuntary Assignment: An Involuntary Assignment occurs when a right to receive payments is transferred without the consent or choice of the assignor. Common examples include situations involving legal judgments, court orders, or assignments made by government agencies. The key elements of an Involuntary Assignment notice typically include: — Court/Judgment Information: Details regarding the court or judgment initiating the assignment, including case numbers and dates, should be provided. — Assignee Identification: The name and contact information of the assignee, who becomes entitled to receive the assigned payments, should be clearly stated. — Debtor Notification: Similar to the Voluntary Assignment notice, it is crucial to inform the debtor or obliged about the assignment, advising them to redirect or make payments in favor of the assignee. Conclusion: Understanding the different types of Wisconsin Notice of Assignment by Assignee of Right to Payments is crucial for both assignors and assignees. By comprehending the specific requirements and components of Voluntary and Involuntary Assignments, individuals and entities can navigate the assignment process while ensuring the necessary legal protection and compliance with relevant Wisconsin laws.
