Assignment is made by a party to the Contract

Question

How assignment is made by a party to the Contract?

Answer 1

Two types of assignment of rights to a third party:

1. Statutory

2. Equitable

In either case, other party has finished his obligations only once. Consequently, if he completes obligations to assignor because he is unaware of assignment, as assignee never want completion of the obligations as well. Nevertheless, if a debtor ignores a notice of assignment and pays the original party, he can be sued by the assignee and required to pay debt a second time. Where notice is received from 2 or more assignees, debtor must compensate the assignee who first gave notice.