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assignment definition - legal

n

The transfer of a duty, interest, or right from one party to another. See also subrogation.
assignment for benefit of creditors
An assignment of most of a debtorÂ’s property to another who, acting as a trustee, consolidates and liquidates the assets and pays the debtorÂ’s creditors with any surplus being returned to the debtor.
assignment of a lease
An assignment of a lesseeÂ’s entire interest in a lease. The assignor remains secondarily liable to the landlord and will have to pay the rent if the assignee does not. See also sublease.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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