A “real party in interest” is one who possesses the legal right to bring a suit and not necessarily the person who benefits from the legal recovery. Asumus v. Capital Region Family Practice, 115 S.W.3d 427, 436 (Mo. Ct. App. 2003). The “real party in interest rules”generally exist to include include all beneficially interested parties….
Legal Articles
Assignments: Deeds, Contracts, Accounts, Promissory Notes, Successor in Interest
Many times contracts, promissory notes, deeds or other accounts are sold and transferred to other individuals or entities. After such transfer, proof of an assignment/transfer of the underlying instrument is essential in the event that a suit is filed to enforce the instrument. Korte Costr. Co. v. Deaconess Manor Ass’n, 927 S.W.2d 395, 404 (Mo. Ct. App….
Promissory Notes: Enforcement, Assignment, Ownership
Promissory cover many financial transactions, including mortgages and many types of commercial loans. In order for a plaintiff to prevail on a claim for breach of promissory note, the plaintiff must prove, among other things, that there is a (1) valid promissory note, (2) signed by the maker/debtor and that there (3) is an outstanding…
Contract Novation: Replacing Parties & Obligations
A contract novation is a substitution of a new contract, obligation, or party for an old contract, obligation, or party. It is, therefore, a type of contract amendment between parties. In litigation, a novation is often used as an affirmative defense to defend a breach of contract claim. The complaining party will allege breach, but…
Assignments & Subleases: Landlord-Tenant
Both assignments and subleases occur when a tenant/lessee lease the land out further to a third-party. An assignment is when the lessee conveys the whole term, leaving no reversionary interest in the landlord/grantor/assignor. If the instrument purports to transfer the lessee’s estate for the entire remainder of his term it is an assignment, regardless of its…