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Main Dictionary A


Assignment — this term has two definitions: 

1. A transition of rights or property to a natural or juridical person. The process of assignment is described in the contract.   

2. In trading, an exercise of an option contract. The owner of a contract contacts the option seller and asks him to fulfill the requirements.

Property Rights Assignment

Property Rights Assignment — a transition of obligations related to a certain property to another individual or entity. The conditions of a transition are described in the assignment agreement.  

An assignment agreement is a document that regulates the process of the property rights assignment. It describes the rights of the parties: an assignee, an assignor, an obligor, and an obligee.    

An assignee is a person that gets the rights under the agreement, but it wasn't an original participant of a deal. An assignor is a person that delivers its contractual rights to another party. An obligor is a person that is obligated to do something under the terms of an agreement. An obligee is a person who will benefit from the obligor's fulfillment of the agreement. Also, this contract states the order of procedure, time and place for its performance, a judicial proceeding, and force major. 

Intellectual Property Rights Assignment

Intellectual Property Rights Assignment — a transition of obligations associated with an intangible creation of the human intellect. This definition may be related to the art, design, program code, trademark, etc. The intellectual property assignment is important to help the representatives of creative professions to be protected from plagiarism. The agreement for the intellectual property rights assignment resembles the one related to property rights. Plus, it should include the description of the intellectual property itself in the attachment.   

Wage Assignment and wage garnishment

It is necessary to distinguish between wage assignment and wage garnishment. These definitions look alike, but they have several differences. 

Wage Assignment — a voluntary transfer from the salary to the third entity. It doesn’t require a judicial hearing, and the person may stop the wage assignment whenever they want to.

Wage garnishment — an act of automatic withholding from the salary for repayment of the unfulfilled social obligation. Such an act is used to pay taxes, loans, penalties, and debts for housing, and communal services. The wage garnishment is appointed by the court, and it can be ceased only after the legal process.  

Mortgage Assignment

Mortgage Assignment — a transfer of a mortgage from its initial lender to another party. In most cases, the lender sells the mortgage to another lender. It can be done many times until the balance is paid. The documented mortgage assignment indicates the loan obligations, the name of the parties, the contact information, the description of a property, the county of record, and the date when the assignment becomes valid. 

Lease Assignment

Lease Assignment — a transfer of a lease apartment to another tenant. After this, the parties should satisfy a number of criteria. The landlord should check the bank account of the tenant to ascertain their paying capacity. Also, they need the statements for the previous landlord to check the tenant’s reliability. And the next important things as proposed use for the premises and the likelihood of requesting alterations to the building.  

Option Assignment

Option Assignment — an implementation of the opportunity to buy or sell a basic asset through an option contract. The buyer of the option is the only part of the transaction that has the right to execute the option. The option’s seller is connected with them through the automated system. The randomly chosen seller needs to realize a buyer’s right to sell (for CALL options) or to buy (for PUT options) at the preceding defined price (strike price).  

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