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Simple English definitions for legal terms
equitable assignment
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A quick definition of equitable assignment:
An equitable assignment is when someone transfers their rights or property to someone else, even though it may not be legally valid. This type of assignment can be enforced in equity, which means it's recognized and upheld by a court of law. For example, if someone assigns their future earnings to pay off a debt, it may not be legally binding, but a court may still enforce it if it's deemed fair and just.A more thorough explanation:
An equitable assignment is a transfer of rights or property from one person to another, which may not be legally valid but is recognized and enforced in equity. This type of assignment is often used for choses in action or future acquisitions of the assignor.
For example, if John owes money to Mary, he may assign his future paycheck to her as collateral. This assignment may not be legally valid, but if John defaults on his debt, Mary can seek enforcement of the assignment in equity.
Another example is when a person assigns their right to receive an inheritance to someone else. This assignment may not be legally valid, but if the assignor dies and the inheritance is received, the assignee can seek enforcement of the assignment in equity.
Overall, an equitable assignment is a transfer of rights or property that may not be legally valid but is recognized and enforced in equity.