Many people want to know if it is possible to keep the assignment secret from their clients i.e. debtors or creditors but you should understand that it is required be the law that when a debtor or a creditor assigns his accounts payable or receivable to a third party, he has to inform his clients about the change of the situation or else, legal action will be taken against him. Please download and study these Assignment Forms to make sure you have selected and download the most relevant Assignment Form for your requirements.
An alternate for this notice not to be sent is only possible for big corporations and multinational or international organizations that fulfill a certain criteria and other than that, all the assigners are legally required to inform their clients. Even if the assigners don’t inform their clients and customers about the change, the assignee has to contact to these clients and customers at some point and ask them to redirect their payments and queries towards the assignee. This is why it is better that as soon you go through the process of assignment, you send this notice to your creditors or debtors and ask them to contact the new assignee and direct their payments to him.
Key Elements to include in the Notice of Assignment:
- Name of the person who is assigning his assets or property to a third party i.e. assigner with complete address
- Name of the third party who has been assigned with property or assets i.e. assignee with complete address
- Date when the notice of assignment is being sent to the receivers
- Reasons of assigning the assets or property to the assignee as explained by the assigner (not necessary)
- Date from which the receivers are advised to redirect their queries and payments to the assignee
- Duration of assignment or expiration of the assignment (if applicable)
- Details of responsibilities, rights and obligations of the assignee towards the receivers of the notice
- Signature of the sender of the notice i.e. assigner or assignee
Here is preview of a Free Sample Sample Notice of Assignment created as fill-able PDF Form,
Here is download link for this Sample Notice of Assignment,