Assignee Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Assignee, written in plain English, along with examples of how it is used.

What is Assignee?

(v) Assignee is the person or legal entity to whom an asset of monetary value is transferred by any mode of transfer with or without any obligation attached to such transfer.

History and Meaning of Assignee

An assignee is a person or entity to whom rights or property are transferred. This legal term has been used for centuries, as people have always sought to transfer their rights, interests, and property to others. Assignments serve as a fundamental mechanism for accomplishing the transfer of assets to a new owner under the law.

Examples of Assignee

  1. A real estate owner may assign a lease agreement to a new tenant, making them the assignee of the lease.
  2. A musician may assign the rights to their music to a record label in exchange for royalties, making the label the assignee of the music.
  3. A company may assign its patents to another company, making the receiving company the assignee of the patents.

Legal Terms Similar to Assignee

  1. Assignor: The person or entity who transfers rights or property to the assignee.
  2. Novation: A process by which a new contract replaces an old one, often with the consent of all parties involved.
  3. Subrogation: The substitution of one creditor for another, with the new creditor assuming the rights and responsibilities of the original creditor.