Debt Assignment Agreement

Debt Assignment Agreement-60
Once the debt has been validly assigned, B will be able to enforce payment of the debt and only payment to B will extinguish the debt.Under Dutch law, the general rule is that a chose in action (such as a claim) unless assignment is precluded by law or the nature of the right (art (1) of the Dutch Civil Code).

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In principle all contracts can be transferred by the procedure detailed in Article 9.

However, as is the case with assignment, it is possible to contractually stipulate that transfers will not be permitted.

An assignment can therefore not transfer the entirety of a contractual position including both rights and obligations.

In some common-law jurisdictions, a transfer of obligations is possible only by “novation”.

However, the chose cannot be enforced against this person until they have notice from the assignor or assignee.

One rationale for this provision is that if the assignor is declared bankrupt before the notice is given, but after the execution or registration of the deed, the assignment will already be complete and the chose in action in question will not be part of the bankrupt estate.

For example, if the original contract between the assignor and the debtor contained a force majeure clause and an event occurs which can be classified as force majeure, the clause may be able to exempt the debtor as against the assignee.

In most legal systems assignment only concerns the transfer of rights and not obligations.

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.

The rights may be vested or contingent, Mortgages and loans are relatively straightforward and amenable to assignment.

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