Loan Assignment Agreement

Loan Assignment Agreement-44
An assignment may not transfer a duty, burden or detriment without the express agreement of the assignee.

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

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However, such a clause does not necessarily destroy the power of either party to make an assignment.

However, it is possible to assign the lease, but the new party (assignee) will be subject to the lessor’s credit evaluation process and approval.

Even if the assignee is approved, the existing lessee’s (assignor’s) personal guarantee(s), if any, might not be released unless the assignee’s credit stature is extremely strong.

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 contract.

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