Loan Assignment Agreement

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For example, the assignment of a legal malpractice claim is void since an assignee would be a stranger to the attorney-client relationship, who was owed no duty by the attorney and would imperil the sanctity of the highly confidential and fiduciary relationship existing between attorney and client.

Torts are not assignable as public policy, and various statutes may prohibit assignment in certain instances.

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.

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

The assignment does not necessarily have to be in writing; however, the assignment agreement must show an intent to transfer rights.

For assignment to be effective, it must occur in the present.

No specific language is required to make such an assignment, but the assignor must make some clear statement of intent to assign clearly identified contractual rights to the assignee.

After the assignment of contractual rights, the assignee will receive all benefits that had accrued to the assignor.

For example, if A contracts to sell his car for 0 to B, A may assign the benefits (the right to be paid 0) to C.

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