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Unless otherwise agreed all rights of either seller or buyer can be assigned except where the assignment would materially change the duty of the other party, or increase materially the burden or risk imposed on him by his contract, or impair materially his chance of obtaining return performance.
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.
The rights may be vested or contingent, Mortgages and loans are relatively straightforward and amenable to assignment.
An assignor may assign rights, such as a mortgage note issued by a third party borrower, and this would require the latter to make repayments to the assignee.
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.
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Torts are not assignable as public policy, and various statutes may prohibit assignment in certain instances.
A contract may contain a non-assignment clause, which prohibits the assignment of specific rights and some various rights, or of the entire contract, to another.
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.