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LSDefine
Simple English definitions for legal terms
assignment of wages
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A quick definition of assignment of wages:
An assignment is when someone gives their rights or property to someone else. It can be done with a document. There are different types of assignments, like when someone gives their wages to a creditor or when a company transfers their trademark. Sometimes an assignment is given as security for a loan. In court, an assignment can be a point that someone argues.A more thorough explanation:
Assignment of wages refers to the transfer of the right to collect wages from a wage-earner to a creditor. It is a type of assignment, which is the transfer of rights or property from one person to another.
For example, if a person owes money to a creditor, they may agree to assign a portion of their wages to the creditor until the debt is paid off. This means that the creditor has the right to collect a portion of the person's wages directly from their employer.
Another example of an assignment is the transfer of stock options from one person to another. In this case, the person who owns the stock options (the assignor) transfers their rights to the options to another person (the assignee).
Assignments can be absolute, meaning that the assignor has no interest in the assigned property or right, or conditional, meaning that the assignment is made to secure a loan and the assignee only receives the assigned income if the assignor defaults on the loan.
Overall, assignment of wages is a legal tool that can be used to transfer rights or property from one person to another, and it is commonly used in situations where a person owes money to a creditor.