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Simple English definitions for legal terms
absolute assignment
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A quick definition of absolute assignment:
Absolute assignment is when someone transfers their rights or property to someone else without keeping any interest in it. This means they give up all control and ownership of what they are assigning. It can be done through a legal document called an assignment.A more thorough explanation:
Definition: Absolute assignment is the transfer of rights or property from one person to another, leaving the assignor with no interest in the assigned property or right.
Example: If a person assigns their car to someone else, and the assignment is absolute, then the assignor no longer has any rights or interest in the car. The car now belongs entirely to the assignee.
This type of assignment is different from a conditional assignment, where the assignor retains some interest in the assigned property or right until certain conditions are met.
Absolute assignment is often used in legal and financial contexts, such as when transferring ownership of stocks, real estate, or other assets.