In a legal context, to “assign” refers to the transfer or delegation of rights, interests, or obligations from one party to another. When a party assigns something, such as a contractual right or property interest, they effectively transfer their rights or responsibilities to another party, known as the assignee. The assignor relinquishes their rights or interests in the subject matter, while the assignee assumes these rights or obligations. Assignments may involve various types of assets or rights, including contracts, leases, intellectual property, or financial instruments. They can be voluntary, where the parties mutually agree to the assignment, or involuntary, where the assignment occurs by operation of law or court order. Assignments are governed by legal principles and requirements, including the need for consideration, compliance with contractual terms, and adherence to statutory or regulatory requirements. Once an assignment is properly executed and accepted, the assignee typically gains the same rights or benefits as the original party, subject to any limitations or conditions specified in the assignment agreement.
Assign (verb):
1. To allocate or designate a task, responsibility, or duty to someone or something.
Example: The teacher assigned a research project to the students.
2. To transfer or give ownership or possession of something to someone.
Example: The landlord assigned the lease of the apartment to a new tenant.
3. To attribute or ascribe a particular quality, characteristic, or value to something or someone.
Example: The critic assigned a high rating to the new movie.
4. To determine or specify a value or category for something.
Example: The appraiser assigned a market value to the antique furniture.
5. To match or pair something with another thing or person.
Example: The teacher assigned each student a partner for the group project.
6. To appoint or designate someone to a particular position or role.
Example: The manager assigned a new employee to the sales department.
7. To set or give a deadline or due date for a task or assignment.
Example: The professor assigned a paper and set the deadline for the end of the semester.
1) v. to transfer to another person any asset such as real property or a valuable right such as a contract or promissory note. 2) n. the person (assignee) who receives a piece of property by purchase, gift or by will. The word often shows up in contracts and wills.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March, 2024.
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