Legal assignment definition

What does Legal assignment mean?

A legal assignment is 'an immediate transfer of an existing proprietary right, vested or contingent from one party to another'. Assignments can occur by consent or by operation of law.

A consensual assignment occurs by way of a gift or consideration. Assignments by law can occur during life or on death and will transfer the benefit of rights to the assignee but will not make the assignee personally liable. An attempt to transfer benefits under a contract of personal performance will not be effective.

The basic requirements for a legal assignment are that only the benefit of the agreement can be assigned; the assignment must be absolute; the rights to be assigned must be wholly ascertainable and must not relate to part only of a debt, the assignment must be in writing and signed under hand by the assignor and notice of the assignment must be received by the other party or parties for the assignment to take effect.

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Legal assignment is referenced 3 in UK Parliament Acts

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