Debt assignment and assumption agreements are generally covered by the law of the state in which the debt originally arose. When this document is completed, it must be printed, signed by the owner and creditor, and then signed by the transferee before a notary. It is important that the signature of the beneficiary of the assignment is notarized, as this is the party that takes over the debt. In most cases, when customers and customers owe money to a company, the company or creditor collected all debts from it, but sometimes in particular situations and circumstances, the creditor has the legal right to assign his claims to a third party. This means that after the assignment, the assignee receives payments from the debtors on behalf of the creditor. This process is called debt assignment.