Assign Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Assign, written in plain English, along with examples of how it is used.
What is Assign?
(v) Assign is the act of transferring an asset of monetary value to another person or entity by any mode of transfer with or without any obligation attached to such transfer. A will or gift deed assign a particular property mentioned therein to the beneficiary.
History and Meaning of Assign
The term "assign" is frequently used in legal contexts, specifically as it relates to transferring ownership of property or other assets from one person to another. The process of assigning something can take various forms and can be done with or without certain legal obligations attached to the transfer. Assignments can occur in a variety of settings, from personal wills to business contracts and agreements.
Examples of Assign
- In a will or trust, a deceased person may assign certain assets or property to one or more beneficiaries.
- A business owner may assign ownership of a particular asset or share of the company to another person in exchange for something of value, such as money or services.
- An author may assign certain publishing rights to a publishing company for the purposes of distributing and selling their work.
- A landlord may assign their rental property to a property management company to oversee its operation and management.
- An individual may assign their rights to receive payments (such as from a settlement or annuity) to another person or company in exchange for a lump sum payment.
Legal Terms Similar to Assign
- Transfer: a general term that encompasses various ways of moving ownership of property or assets from one person to another.
- Deed: a legal document that transfers ownership of property or assets from one person to another.
- Conveyance: the act of transferring ownership of land or property from one person to another.
- Endorsement: a signature used to transfer ownership of a negotiable instrument, such as a check or promissory note.
- Grant: the act of transferring ownership of property or assets from one person to another as part of a legal agreement or contract.