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§ 22-504. Effect of transfer of contractual interest

West's Annotated Code of MarylandCommercial Law

West's Annotated Code of Maryland
Commercial Law
Title 22. Maryland Uniform Computer Information Transactions Act (Refs & Annos)
Subtitle 5. Transfer of Interests and Rights; Ownership and Transfers; Financing Arrangements (Refs & Annos)
Part I. Ownership and Transfers
MD Code, Commercial Law, § 22-504
§ 22-504. Effect of transfer of contractual interest
Currentness
(a) A transfer of “the contract” or of “all my rights under the contract”, or a transfer in similar general terms, is a transfer of all contractual interests under the contract. Whether the transfer is effective is determined by §§ 22-503 and 22-508(a)(1)(B) of this subtitle.
(b) The following rules apply to a transfer of a party's contractual interests:
(1) The transferee is subject to all contractual use terms.
(2) Unless the language or circumstances otherwise indicate, as in a transfer as security, the transfer delegates the duties of the transferor and transfers its rights.
(3) Acceptance of the transfer is a promise by the transferee to perform the delegated duties. The promise is enforceable by the transferor and any other party to the original contract.
(4) The transfer does not relieve the transferor of any duty to perform, or of liability for breach of contract, unless the other party to the original contract agrees that the transfer has that effect.
(c) A party to the original contract, other than the transferor, may treat a transfer that conveys a right or duty of performance without its consent as creating reasonable grounds for insecurity and, without prejudice to the party's rights against the transferor, may demand assurances from the transferee under § 22-708 of this title.

Credits

Added by Acts 2000, c. 11, § 1, eff. Oct. 1, 2000. Amended by Acts 2000, c. 61, § 6, eff. April 25, 2000.
MD Code, Commercial Law, § 22-504, MD COML § 22-504
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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