Under the Restatement, If There Are Successive Assignments of the Same

question 61

Multiple Choice

Under the Restatement, if there are successive assignments of the same right:

• A) the first assignee to notify the obligor prevails.
• B) the latest assignee is usually entitled to the assigned right.
• C) a prior assignee is entitled to the assigned right to the exclusion of a subsequent assignee in most circumstances.
• D) a subsequent assignee is entitled to the assigned right unless a prior assignee gave value and obtains either a judgment against the obligor or a new contract with the obligor.

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Definitions:

Lien

A legal right or interest that a creditor has in the debtor's property, usually lasting until the debt that it secures is paid.

Legal Action

The process of seeking judicial intervention to enforce or protect a right through a lawsuit or other legal means.

Surety

A guarantee, typically by a third party, ensuring the fulfillment of an obligation or the performance of a contract.

Guarantor

An individual or entity that agrees to be responsible for another's debt or performance under a contract if the original party fails to meet their obligations.