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Simple English definitions for legal terms
general assignment
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A quick definition of general assignment:
General assignment refers to the transfer of rights or property from one person to another. It can be an absolute assignment where the assignor has no interest in the assigned property or a conditional assignment where the assigned income is given to a lender as collateral security for a loan. A general assignment can also refer to a debtor's property being assigned for the benefit of all the assignor's creditors. It can also mean a task or job given to someone. In parliamentary law, it refers to the process of recognizing who is entitled to speak.A more thorough explanation:
General assignment refers to the transfer of rights or property from one person to another. It can also refer to the instrument used to effect the transfer. Here are some examples:
- An aunt assigns funds to her niece, who invests them in mutual funds.
- A person receives a cheque in good faith and obtains a good title, even if the cheque was stolen.
- An absolute assignment leaves the assignor with no interest in the assigned property or right.
- An assignment for value is given in exchange for consideration.
- A general assignment is when a debtor assigns their property for the benefit of all their creditors, instead of just a few.
- A wage assignment is when an employee assigns a portion of their pay to a creditor.
- The assignment of various duties is the act of assigning tasks, jobs, or appointments.
These examples illustrate how general assignment can be used in different contexts, such as finance, law, and employment. It is important to understand the specific type of assignment being used and the legal implications of the transfer of rights or property.