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.
West Virginia Notice of Assignment by Assignee of Right to Payments is a legal document that outlines the transfer of the right to receive payments from one party (the assignor) to another (the assignee). This document serves as an official notice to all parties involved, including the debtor or payer, about the assignment of payment rights. In West Virginia, there are several types of Notice of Assignment by Assignee of Right to Payments that individuals and businesses may encounter. Some of these types include: 1. Notice of Assignment of Accounts Receivable: This type of notice is used when there is a transfer of the right to receive payments from the assignor's accounts receivable. It is commonly used in business transactions, where a company assigns its accounts receivable to a third party for financial or security purposes. 2. Notice of Assignment of Rental Payments: In rental agreements, this type of notice is used when a landlord transfers the right to receive rental payments from the tenant to a third party. This could occur when the landlord sells the property or assigns the rights to a property management company. 3. Notice of Assignment of Structured Settlement Payments: When an individual receives periodic payments from a structured settlement, they may choose to assign these payment rights to another party. This type of notice informs the responsible party, such as an insurance company, about the assignment and the change in payment recipient. 4. Notice of Assignment of Royalty Payments: In cases where individuals or entities receive royalty payments for their intellectual property, such as patents, copyrights, or oil and gas interests, they may assign these royalty rights to another party. The Notice of Assignment informs the relevant organizations or agencies about the change in the royalties' beneficiary. Regardless of the specific type, a West Virginia Notice of Assignment by Assignee of Right to Payments typically contains essential information, including: — Names and addresses of the assignor (current payment recipient) and the assignee (prospective payment recipient) — Description of the right being assigned and the payments to be transferred — Effective date of thassignmenten— - Instructions for the debtor or payer on how to make future payments — Signature and acknowledgement sections for all relevant parties involved It is crucial to consult with an attorney or legal professional to ensure that the specific requirements of West Virginia law are met while drafting and executing a Notice of Assignment.
