U.C.C. stands for the universal commercial code. It was created in 1952 as a measure to give states and businessmen a common direction to follow. It was not created as law but rather a strong suggestion.
Section 2 of the U.C.C. deals with contracts and sales. One of the recommendations of the U.C.C. is that contracts be assignable. Most states adopted the U.C.C. The one exception to this was Louisiana. This by nature would mean that contracts regardless of whether or not there is "and/or assigns" written in the contract that they are assignable.
There have been some changes through a few states that have taken this natural assignment of contract away but most states still have this in place. The reason and/or assigns is place on the contract is to make sure all parties understand what you are trying to do with the contract.
Let me put this another way. You do not need “and/or assigns” to assign a contract. What?!? I know I have set different wheels in motion now.
Here is what I would do.
1) Find a lawyer that will handle things like double closings and assignments of contract.
2) Bring up the U.C.C. section 2 with the lawyer and see if he agrees and knows if you state follows the assignment of contract section.
3) If the lawyer agrees this means he can help you assignments of contract without the assignment clause even in the contract.
If you don’t like this suggestion you can keep on doing assignments as we have all been taught.
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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
U.C.C. stands for the universal commercial code. It was created in 1952 as a measure to give states and businessmen a common direction to follow. It was not created as law but rather a strong suggestion.
Section 2 of the U.C.C. deals with contracts and sales. One of the recommendations of the U.C.C. is that contracts be assignable. Most states adopted the U.C.C. The one exception to this was Louisiana. This by nature would mean that contracts regardless of whether or not there is "and/or assigns" written in the contract that they are assignable.
There have been some changes through a few states that have taken this natural assignment of contract away but most states still have this in place. The reason and/or assigns is place on the contract is to make sure all parties understand what you are trying to do with the contract.
Let me put this another way. You do not need “and/or assigns” to assign a contract. What?!? I know I have set different wheels in motion now.
Here is what I would do.
1) Find a lawyer that will handle things like double closings and assignments of contract.
2) Bring up the U.C.C. section 2 with the lawyer and see if he agrees and knows if you state follows the assignment of contract section.
3) If the lawyer agrees this means he can help you assignments of contract without the assignment clause even in the contract.
If you don’t like this suggestion you can keep on doing assignments as we have all been taught.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125