[WSBARP] Modification of an Assigned Note

Tue Apr 12 13:01:52 PDT 2016

Hello Listmates:

Party A, a lender, has executed a promissory note & its DoT with Party B, a
borrower.  Party C, a third party, has paid Party A for the assignment of
the note so that Party C receives future loan payments from Party B.  

Party B and Party C now want to modify terms and conditions of the assigned
note.  

*         It is my understanding that, in absence of a separate assumption
agreement, Party A still remains liable for any contractual obligations
arising from the note.  Doesn't this mean that Party B and Party C still
need Party A's consent to change the terms and conditions of the assigned
note? 

*         Party B is not completely happy with the very basic assignment
agreement executed between Party A and Party C.  Party B wants no chance of
seeing a future dispute as to who has the DoT and the rights to receive
payments.  Party A and Party C do not mind re-executing a fuller assignment
agreement but do not plan to hire their respective attorneys-that reminds
Party B of the primary cause for their having the current assignment
agreement poorly worded.   Any advice for Party B?

Kind regards,

Oscar Y. Yang, Esq. (NY, WA)

ES BERRY LAW PC 

2155 112th Ave NE

Bellevue, WA 98004 

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