21:15
Feel like I can finally stop holding my breath!! Whew!!!
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LSDefine
Simple English definitions for legal terms
assignment pro tanto
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A quick definition of assignment pro tanto:
An assignment is when someone gives their rights or property to someone else. It can be a transfer of ownership or a transfer of the right to collect money. There are different types of assignments, like a total assignment where the assignee can enforce the entire right, or a partial assignment where only part of the right is transferred. An assignment pro tanto happens when an order is drawn on a third party and made payable from a particular fund that belongs to the drawer. This means the drawee becomes an assignee with respect to the drawer's interest in that fund.A more thorough explanation:
Definition: Assignment pro tanto refers to a type of assignment where an order is drawn on a third party and made payable from a specific fund that belongs to the drawer. The drawee becomes an assignee with respect to the drawer's interest in that fund.
Example: Let's say John owes Jane $500 and has $1000 in his bank account. John writes an order to his bank to pay Jane $500 from his account. This order is an assignment pro tanto, and the bank becomes an assignee with respect to John's interest in that $500.
This example illustrates how an assignment pro tanto works. John assigns a portion of his bank account to Jane, and the bank becomes an assignee with respect to that portion of John's account.