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Assignment vs Novation - fancy words for the same thing?

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  • Опубликовано: 14 авг 2024

Комментарии • 6

  • @blancheboren3703
    @blancheboren3703 3 года назад +2

    THANK YOU! Short, simple & comprehensive! THAT makes sense.

  • @jaydenlitchfield7755
    @jaydenlitchfield7755 3 года назад +1

    Thanks Simon, Great explanation

  • @MgtowRubicon
    @MgtowRubicon 2 года назад

    What if the contract has specific assignment clauses, such as this lease example:
    "ASSIGNMENT BY LESSEE: Lessee may assign or pledge this Lease, or obtain a replacement for Lessee with the written consent of Lessor. Lessor shall not unreasonably withhold or delay consent. Upon allowable assignment under this clause, Lessee is released from liabilities and obligations, and assignee assumes those liabilities and obligations. The rights and obligations of Lessor under this Lease shall survive assignment by Lessee.
    ASSIGNMENT BY LESSOR: Lessor may assign or pledge this Lease without the written approval of Lessee. Said approval is not required when assignment is implied by conveyance of Property title or by assignment of beneficial interest in a Land Trust that holds legal and equitable title to Property (e.g., sale of Property). Upon allowable assignment under this clause, Lessor is entirely released from liabilities and obligations, and assignee assumes those liabilities and obligations. The rights and obligations of Lessee under this Lease shall survive assignment by Lessor."
    Is something like that sufficient to transfer the assignor's liabilities and obligations to the assignee?

  • @SNEAKVS
    @SNEAKVS 2 года назад

    Great video!

  • @she-surrendered1234
    @she-surrendered1234 2 месяца назад

    So why not do a novation every time to protect yourself?…