Ucc Assignment

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The Restatement (Second) of Contracts defines an assignment of a right as “a manifestation of the assignor’s intention to transfer it by virtue of which the assignor’s right to performance by the obligor is extinguished in whole or in part and the assignee acquires the right to such performance.” The one who makes the assignment is both an obligee and a transferor.

The assignee acquires the right to receive the contractual obligations of the promisor, who is referred to as the obligor (see Figure 14.1 "Assignment of Rights").

The system will also enable you to search the UCC database, order certified and non-certified searches and download documents directly to your computer.

Assignment / Amendment / Continuation A UCC-3 Amendment is a legal form created for changing or adding information contained in the UCC-1 Form.

The Secretary of State’s Office shall under no circumstances be liable for any actions taken due to reliance of any information contained on this site regardless of the source.

Notice: Protect Your Private Information Most documents maintained by the Secretary of State’s Office are public records and are subject to disclosure.

Under the UCC, any assignments of rights in excess of ,000 must be in writing, but otherwise, assignments can be oral and consideration is not required: the assignor could assign the right to the assignee for nothing (not likely in commercial transactions, of course). Franklin has the right to receive 0 a month from the sale of a house she formerly owned; she assigns the right to receive the money to her son Jason, as a gift.

The assignment is good, though such a gratuitous assignment is usually revocable, which is not the case where consideration has been paid for an assignment.

Filings may be viewed by the public and requested copies may also be made available.

Please do not submit Personal Identifiable Information (PII) unless you are specifically asked to provide it.


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