Warning
Info
Warning
Info
Simple English definitions for legal terms
naked assignment
Read a random definition: locked-in rate
A quick definition of naked assignment:
A naked assignment is when someone transfers their rights or property to someone else, but they don't have any interest left in it. It's like giving away something without getting anything in return. This type of assignment is often not recognized by courts because it doesn't have any value. It's important to make sure that any assignment you make is done properly and for a good reason.A more thorough explanation:
A naked assignment is a transfer of a company's trademark separately from the goodwill of the business. It is also known as an assignment in gross. Courts often hold that such an assignment passes nothing of value to the transferee.
For example, if a company sells its trademark to another company without selling the business itself, the trademark may not have any value without the goodwill of the business. This means that the transferee may not have any rights to use the trademark.
Another example of a naked assignment is when a welfare recipient surrenders their rights to child support in favor of the state as a condition of receiving governmental financial assistance. In this case, the recipient gives up their right to receive child support payments, and the state takes over the responsibility of collecting the payments.
Overall, a naked assignment is a transfer of a property or right that may not have any value without other associated assets or rights.