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baddestbunny
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Simple English definitions for legal terms
total assignment
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A quick definition of total assignment:
Total assignment is when someone transfers their rights or property to someone else. This can be done for many reasons, like paying off a debt or giving a gift. The person who receives the assignment now has the same rights and property as the original owner. There are different types of assignments, like ones that transfer everything and ones that only transfer part of the property. Assignments can also be used in legal cases or in jobs to give someone a task or appointment.A more thorough explanation:
Total assignment refers to the transfer of rights or property from one person to another. It can be an absolute assignment, which means the assignor has no interest in the assigned property or right, or a conditional assignment, which is made to secure a loan.
For example, if a person assigns their stock options to someone else, they are transferring their right to buy or sell those stocks. Another example is when a person assigns their wages to a creditor to pay off a debt.
Total assignment can also refer to a task or job given to someone, such as an assignment as an ambassador to a foreign country. In parliamentary law, it refers to the process of recognizing who is entitled to speak.
Overall, total assignment is a legal term that involves the transfer of rights or property and can have various meanings depending on the context.