§ 32-17-14-10 — Assignment of contract rights

Indiana § 32-17-14-10

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 17: INTERESTS IN PROPERTY
• Ch. 14: Transfer on Death Property Act

Text

(a) A written assignment of a contract right
that:
(1) assigns the right to receive any performance remaining due
under the contract to an assignee designated by the owner; and
(2) expressly states that the assignment does not take effect until
the death of the owner;
transfers the right to receive performance due under the contract to the
designated assignee beneficiary if the assignment satisfies the
requirements of subsection (b).
(b) A written assignment described in subsection (a) is effective
upon the death of the owner if the assignment is:
(1) executed; and
(2) delivered;
to the contract obligor before the death of the owner.
(c) A beneficiary assignment described in this section is not
required to be supported by consideration or delivered to the assignee
beneficiary.
(d) This section does not preclude other methods of assignment that
are permitted by law and have the effect of postponing the enjoyment
of the contract right until after the death of the owner.

Legislative History

As added by P.L.143-2009, SEC.41. Amended by P.L.6-2010, SEC.29.