Legal Definitions - transferable

The term transferable describes something that can be legally moved or assigned from one person or entity to another, with the new owner receiving all the same rights and responsibilities that the original owner possessed.

Here are some examples to illustrate this concept:

• Imagine you purchase a gift card for a coffee shop. If this gift card is transferable, you can give it to a friend, and your friend will be able to use it to buy coffee and pastries, just as you would have. The right to redeem the card's value has been fully passed from you to your friend.

• When a homeowner sells their house, the property deed is transferable. Upon the sale's completion, the deed is signed over to the new buyer. This means the new owner now holds all the legal rights to the property, including the right to live in it, make improvements, or eventually sell it themselves, just as the previous owner did.

• Consider a season pass for a local amusement park. If the pass states it is not transferable, it means only the person whose name and photo are on the pass can use it. If it were transferable, you could lend it to a family member, and they would have the same rights to enter the park as you do.