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Notice Of Assignment Of Accounts Receivable

Notice Of Assignment Of Accounts Receivable Template for United States

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Key Requirements PROMPT example:

Notice Of Assignment Of Accounts Receivable

"I need a Notice of Assignment of Accounts Receivable to notify my customer ABC Manufacturing that I've assigned $500,000 worth of receivables to XYZ Bank as part of a factoring arrangement, effective March 1, 2025."

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Document background

The Notice of Assignment of Accounts Receivable is a crucial document in accounts receivable financing and factoring transactions in the United States. It is used when a business sells or assigns its accounts receivable to another party, typically for immediate working capital. The notice, required under UCC Article 9 and state-specific regulations, informs the account debtor of the change in payment instructions and helps protect the assignee's rights. This document is essential for establishing priority in the assigned receivables and ensuring proper payment routing.

Suggested Sections

1. Date: Date of the notice

2. Assignor Details: Full legal name and address of the party assigning the receivables

3. Assignee Details: Full legal name and address of the party receiving the assignment

4. Account Debtor Details: Information about the debtor(s) whose accounts are being assigned

5. Description of Assigned Receivables: Specific identification of the accounts being assigned

6. Payment Instructions: New payment details for the account debtor

7. Effective Date: When the assignment takes effect

Optional Sections

1. Acknowledgment Request: Optional section requesting the account debtor to acknowledge receipt of notice - used when confirmation of receipt is required

2. Prior Notice Reference: Optional section referencing any previous assignments or notices - used when there have been previous assignments

3. Special Instructions: Optional section for any specific requirements or conditions - used when there are unique circumstances or requirements

Suggested Schedules

1. Schedule A - List of Assigned Receivables: Detailed list of specific accounts being assigned, including account numbers, amounts, and due dates

2. Schedule B - Payment Instructions: Detailed banking and payment routing information

3. Schedule C - Account Debtor List: Complete list of account debtors and their contact information when multiple debtors are involved

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Clauses





















Industries

Uniform Commercial Code (UCC) Article 9: Primary legislation governing secured transactions, including assignments of accounts receivable. Covers perfection and priority of security interests, and requirements for UCC-1 financing statement filings.

Federal Assignment of Claims Act: Federal law governing assignments involving government receivables. Contains special requirements and restrictions for assignments of claims against the federal government.

State-Specific Assignment Laws: While UCC is uniform, states may have variations in their laws regarding assignments, including specific recording, notice requirements, and priority rules.

Fair Debt Collection Practices Act (FDCPA): Federal law regulating debt collection practices, particularly relevant if the receivables involve consumer debts. Sets requirements for debt collection communications and practices.

Securities Laws: SEC regulations that may apply if the assignment is part of a securitization transaction or involves securities.

Bankruptcy Code: Federal bankruptcy laws affecting assignments, including provisions regarding preference periods and the impact of bankruptcy on assigned receivables.

Anti-Assignment Provisions: Legal framework governing contract restrictions on assignment and the enforceability of anti-assignment clauses in original agreements.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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