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Simple English definitions for legal terms
subassignee
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A quick definition of subassignee:
A subassignee is someone who receives property rights or powers from another person, known as an assignee. This term is often used in legal contexts, but it can be confusing because it can have different meanings depending on the situation. Courts may need to look at the intent of the assignor and assignee to determine what rights and responsibilities the subassignee has. Essentially, a subassignee is someone who receives a right that was previously assigned to someone else.
A more thorough explanation:
Definition: A subassignee is a person who receives the transfer of property rights or powers from an assignee. The term is often used broadly and can be difficult to define precisely. Courts may look to the intent of the parties involved in the assignment to determine the subassignee's rights and responsibilities.
Examples:
- Absolute assignee: This is a person who receives an unqualified interest in property as part of an assignment. For example, if a person assigns their ownership of a car to someone else, that person becomes the absolute assignee of the car.
- Assignee ad interim: This is a person who is appointed as an assignee between the time of bankruptcy and the appointment of a regular assignee. For example, if a company goes bankrupt, an assignee ad interim may be appointed to manage the company's assets until a permanent assignee is appointed.
- Assignee for value: This is a person who receives an assignment in exchange for payment or other consideration. For example, if a person sells their ownership of a house to someone else, the buyer becomes the assignee for value of the house.
- Collateral assignee: This is a lender who receives an interest in property, usually real property, as security for a loan. For example, if a person takes out a mortgage on their house, the lender becomes the collateral assignee of the house.
- Gratuitous assignee: This is a person who receives an assignment without giving any consideration in return. For example, if a person gives their ownership of a painting to a friend as a gift, the friend becomes the gratuitous assignee of the painting.
- Subassignee: This is a person who receives the transfer of property rights or powers from an assignee. For example, if a person assigns their ownership of a car to someone else, and that person then assigns their ownership of the car to a third person, the third person becomes the subassignee of the car.
The examples illustrate the different types of assignees and subassignees that may be involved in an assignment of property rights or powers. Each type of assignee has different rights and responsibilities, depending on the circumstances of the assignment and the intent of the parties involved.