With the new law, the bank takes care of the notary fees, management and registration of all mortgages, while the client owes the costs of valuation of the property. This expenditure allowance is also used for substitutions. The transaction is exempt from stamp duty, provided that the initial valuation is streamlined, failing which a new valuation is required and the value of the auction can be changed, thus creating the obligation to pay taxes. In any event, the cost of this tax is currently borne by the financial institution. The right of a guarantor to the transfer of claims shall not exceed the amount necessary to reimburse himself for the costs he has incurred in the performance of his obligations under a guarantee. With respect to construction obligations, which are often used for construction projects and may involve mechanical pledge rights, the collateral claim rights over a contractor`s performance obligations begin on the date of performance of the obligation. To maintain a right to a transfer of claim in the right of convenience, a guarantor must take charge of the service contract. In addition, a guarantor may finance the conclusion of the broken contract as part of the performance obligation. In today`s market, where mortgages are common, lenders are effectively doubly covered in the event of subsequent default due to the transfer of receivables.
Already existing debt: The right to transfer receivables does not exist when a person pays a debt that he is already required to pay under an obligation already due. The right to transfer receivables is not available to a person who merely pays his or her own debts. And the transfer of debts does not apply to “volunteers” who pay the debt of another without moral or legal obligation. When a person pays another person`s debt without an assignment or debt transfer agreement, they may be considered “voluntary.” Hulen v. Hamilton, Tex 2008. App. LEXIS 1672 (Tex. App. Fort Worth, February 28, 2008). If one person accidentally pays another`s debt, they are in the same position as a volunteer.
In accordance with the separation of the law from equity, liability for an error may determine the results of the error. Martin v. Hickenlooper, 90 Utah 150 (Utah 1936). In this article, you talk about a transfer of the creditor`s claim, that is, the transfer of debts from the company that granted us the loan. It is particularly important to have, if possible, a good agreement on the transfer of claims, including clauses relating to the payment of attorneys` fees and expenses to the winning party and possibly to arbitration proceedings to enforce transfer duties, if necessary. Above all, keep in mind that if you enforce the transfer duties, your claim is no better than the rights you have assumed. So it`s necessary to do your due diligence to determine how much real security you`ll get. The purpose of the right of convenience receivable transfer is to place the burden of a loss on the party who is ultimately responsible or liable for the debt. .