Assignment In Law

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For the assignment to become effective, the assignee must manifest his acceptance under most circumstances.

This is done automatically when, as is usually the case, the assignee has given consideration for the assignment (i.e., there is a contract between the assignor and the assignee in which the assignment is the assignor’s consideration), and then the assignment is not revocable without the assignee’s consent.

Assignments are an important part of business financing, such as factoring.

A To effect an assignment, the assignor must make known his intention to transfer the rights to the third person.

Under the UCC, any assignments of rights in excess of $5,000 must be in writing, but otherwise, assignments can be oral and consideration is not required: the assignor could assign the right to the assignee for nothing (not likely in commercial transactions, of course). Franklin has the right to receive $750 a month from the sale of a house she formerly owned; she assigns the right to receive the money to her son Jason, as a gift.

The assignment is good, though such a gratuitous assignment is usually revocable, which is not the case where consideration has been paid for an assignment.

After all, anybody could waltz up to the obligor and say, “I’m the assignee of your contract with the bank.

From now on, pay me the 0 a month, not the bank.” The obligor is entitled to verification of the assignment. He gains all the rights against the obligor that the assignor had, but no more.

Notice to the obligor is not required, but an obligor who renders performance to the assignor without notice of the assignment (that performance of the contract is to be rendered now to the assignee) is discharged.

Obviously, the assignor cannot then keep the consideration he has received; he owes it to the assignee.

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