Full question:
I am owed $1,000.00 from a company I used to do work for and had agreed to sell product for after I left. I was to be paid 5% commission for parts sold. I sold these parts to a company I do consulting work for. My old company is now bankrupt but, the company I sold these parts to owes them for parts they received from my old company. What type of documents do I need to give to the company that received the parts so they can withhold the $1,000.00 that is owed me before they pay the old company for the parts? The company is willing to do this for me as long as they are not going to have a legal problem with the bankrupt company.
- Category: Contracts
- Subcategory: Assignments
- Date:
- State: Minnesota
Answer:
Assignment in legal terms means the transfer of a property right or title to some particular person under an agreement, usually in writing. Unless an assignment is qualified in some way, it is generally considered to be a transfer of the transferor's entire interest in the thing assigned. The contract terms will govern your rights to assign, sell or otherwise transfer the right to collect payment. Any agreements made should be put in writing, as oral contracts present problems of evidence if there is a later dispute.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
