Assignment Of Judgment

Assignment Of Judgment-85
However, in the case of assignment, the consent of the non-assigning party may be required by a contractual provision.

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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.

In other cases, the contract may be a negotiable instrument in which the person receiving the instrument may become a holder in due course, which is similar to an assignee except that issues, such as lack of performance, by the assignor may not be a valid defense for the obligor.

As a response, the United States Federal Trade Commission promulgated Rule 433, formally known as the "Trade Regulation Rule Concerning Preservation of Consumers' Claims and Defenses", which "effectively abolished the [holder in due course] doctrine in consumer credit transactions".

Unless otherwise agreed all rights of either seller or buyer can be assigned except where the assignment would materially change the duty of the other party, or increase materially the burden or risk imposed on him by his contract, or impair materially his chance of obtaining return performance.

A right to damages for breach of the whole contract or a right arising out of the assignor's due performance of his entire obligation can be assigned despite agreementotherwise [sic].

An assignment may not transfer a duty, burden or detriment without the express agreement of the assignee.

The right or benefit being assigned may be a gift (such as a waiver) or it may be paid for with a contractual consideration such as money.

is 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.

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