Assignment Of Loan

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Where assignment is thus permitted, the assignor need not consult the other party to the contract.Equipment Lease Agreements typically contain language prohibiting the lessee from assigning the lease to a third party.For example, "You have no right to sell, transfer, assign, sublease, or encumber the equipment or this agreement" protects the Lessor’s collateral and credit underwriting guidelines in the event the lessee ever wants to transfer the lease to another party.The effect of a valid assignment is to extinguish privity (in other words, contractual relationship, including right to sue) between the assignor and the third-party obligor and create privity between the obligor and the assignee.Unless the contractual agreement states otherwise, the assignee typically does not receive more rights than the assignor, and the assignor may remain liable to the original counterparty for the performance of the a legal term used in the context of the law of contract and of property.In both instances, assignment is the process whereby a person, the assignor, transfers rights or benefits to another, the assignee.The rights may be vested or contingent, Mortgages and loans are relatively straightforward and amenable to assignment.An assignor may assign rights, such as a mortgage note issued by a third party borrower, and this would require the latter to make repayments to the assignee.However, in the case of assignment, the consent of the non-assigning party may be required by a contractual provision.The assignment does not necessarily have to be in writing; however, the assignment agreement must show an intent to transfer rights.


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