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Simple English definitions for legal terms
absolute assignee
Read a random definition: internal affairs of a foreign corporation
A quick definition of absolute assignee:
An absolute assignee is someone who receives property rights or powers from someone else. This person is given an unqualified interest in the property, meaning they have full ownership and control over it. The term "assignee" is used so often that it can be hard to understand exactly what it means. Courts have to look at the intent of the person who made the assignment and the person who received it to figure out what rights and responsibilities they have. Other types of assignees include those who receive property as collateral for a loan, those who receive property without paying for it, and those who receive property from a previous assignee.
A more thorough explanation:
Definition: An absolute assignee is a person who is assigned an unqualified interest in property in a transfer of some or all of the incidents of ownership. It is a term used to describe someone to whom property rights or powers are transferred by another.
For example, if John assigns his ownership of a car to Jane without any conditions or limitations, Jane becomes the absolute assignee of the car. She has complete ownership and control over the car, and John no longer has any rights to it.
The term "absolute assignee" is often used in legal contexts, but its meaning can vary depending on the specific circumstances of the assignment. Courts may look to the intent of the assignor and assignee in defining rights and responsibilities, rather than relying solely on the use of the term "assignee."
Other types of assignees include:
- Assignee ad interim: An assignee appointed between the time of bankruptcy and the appointment of a regular assignee.
- Assignee for value: An assignee who has paid for or otherwise given consideration for the assignment.
- Collateral assignee: A lender who is assigned an interest in property (usually real property) as security for a loan.
- Gratuitous assignee: An assignee under an assignment not given for value.
- Subassignee: A person to whom a right is assigned by one who is a previous assignee of the right.
These examples illustrate how the term "assignee" can be modified to describe different types of assignments and assignees, each with their own specific rights and responsibilities.