Bank assignment letters are serious events.(McGreevy On Law)

AS ECONOMIC TIMES get tougher, we are seeing more and more instances where banks are getting nervous about large outstanding lines of credit to their customers. One reaction to this nervousness is to invoke a clause in the fine print of that credit agreement the customer signed, which gives the bank the right to ask creditors to make payments directly to the bank and not to the customer. If the bank and the customer are still on good terms, the customer will sign the letter to the creditor, but if they are not, the letter may come directly from the bank.

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