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Source Removal and Remand Complete Civil Procedure List Showing the closest available flashcard practice.

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A contractor had a contract with an owner under which the owner would pay $70,000 when renovation work was complete. To secure a loan, the contractor signed a letter to a lender stating, "I hereby assign to Lender my right to receive the $70,000 payment from Owner." The lender immediately notified the owner.
Which statement best describes the legal effect of the letter?

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The statement is ineffective unless the contractor uses the word novation. The statement is ineffective because an assignment must transfer every right and duty under the contract. The statement is an effective assignment if it manifests a present intent to transfer the contractor's right to payment to the lender. The statement is ineffective because only duties, not rights, can be transferred.

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