The act of transferring property, rights under a contract, or benefits under a trust to another person, or a document (a deed of assignment) facilitating such a transfer. This term also encompasses the transfer of bank loans between financial institutions to mitigate credit risk.
An assignor is the party who assigns or transfers an agreement or contract to another entity or individual. In a legal context, this transfer of rights or interests enables the assignee to assume the assignor's privileges and obligations under the contract.
A nonnegotiable instrument is a financial document that cannot be transferred or assigned to another party. Unlike negotiable instruments, nonnegotiable instruments are not easily transferable and often carry a specific notation indicating their non-negotiability.
