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Does the agreement say it can be assigend please?
This is what is says:
6. Assignment of Loan Contractsa. The Lender may assign his or her right, title and interest in this Loan Contract and all associatedrights under the Terms & Conditions to any third party via the Exchange.
So, it allows to assign agreement only via Exchange..
What is it you want to achieve?
Not exactly.. The idea is to transfer the agreement to another person bypassing exchange
1. Can the contracts on peer 2 peer loans be re sold at all? E. g.: Loan agreement between different persons (e. g. A and B) sold to or inherited by other person (C). So, person A sells the loan agreement to person C for GBP X.
2. Assuming contract can be sold to other individuals are there any restrictions with selling contract:
Not on the originated p2p exchange. E. g.: Contract was agreed using particular p2p exchange, but will be sold offline or via other web site
Selling to the citizen of the another country, particularly for the scenarios when citizen of another country cannot register on p2p exchange (e. g. p2p exchange eligibility criteria)
Selling the contract to the UK national (e. g. age restrictions etc.)
3. Can the exchange where person to person agreement was originated potentially restrict lender rights for selling the contract to other individuals or organisations? Particularly allow person to do this only via that exchange?
4. Can the contract be sold to another individual or organisation without consent from p2p exchange? Should the exchange be notified about loan re sell?
5. How can new Loan Agreement Lender notify the exchange about change in ownership (after contract was sold from party A to party C)? E. g. just via mail? Will exchange be obliged to update the Lender details? Can exchange reject to do this on the grounds of Anti Money Laundering checks (e. g. person was not checked or cannot be checked – located in other country)?
Those are the questions..
Unfortunately, formatting was not in good shape during copy & paste to justanswer.com
Of course, I just need to read this
I don't think the contracts can be sold by anyone other than via the Exchange
Whatever the Exchange eligibility is I do not know, but in any event it does not matter
Reading what you have said, it can only be sold via the Exchange otherwise it would be a breach of contract
hmmm.. interesting.. what about special scenarios - e. g. lender is dying and passing the will to a person that is not eligible according to the exchange rules?
(e. g. cannot be registered on this exchange - e. g. U. S. citizn)
I can only comment on UK law of course.
But if they are not eligible it will have to go to someone else.
yes, of course..
just exchange is in the UK and accepting only UK residents
I am not a probate lawyer either so I can't help you on who
But they are free to determine who it goes to
It could be held on trust of course.
Ok. So, just as a summary:
1. Contract can be sold or passed only via exchange, right?
1. Yes if that is what the contract says
2. I can select anyone registered on this exchange according to this contract? (it says anyone)
2. If the contract says then yes you can
hmm.. strange.. i have no functions to do this.. )
so, it does not allows me to select particular person
I see, very strange but they must meet the exchange eligibility requirements
ok... understood.. many thanks. i thought there should be some cases where i could sell it.. Is there any other advise you can give on this case?
(e. g. ask some other specialised experts in loan agreements or securitisation)
just wondering if i have any other options..
Sadly I havent seen all the terms.
If the agreement states it has to be via the Exchange then sadly you are bound
The contract is binding on you and them
will it help if i send the agreement for review?
I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest
Sadly if it says you have to sell via the Exchange it wont make any difference.
but is does have the paragraph.. i virtually copied it
Yes - sadly you are stuck then it would seem
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