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Assignment [a] is a legal term used in the context of the laws of contract and of property. In both instances, assignment is the process whereby a person, the assignor, transfers rights or benefits to another, the assignee. [1] An assignment may not transfer a duty, burden or detriment without the express agreement of the assignee.
Mr Stein was declared bankrupt by court order on 16 July 1990. At that time he was the recipient of legal aid, and was in litigation with Mr Blake.Mr Stein was suing for breach of contract, and Mr Blake had various counterclaims, including claims under costs orders which Lord Hoffman described "indisputable".
In the United States, a general assignment or an assignment for the benefit of creditors is simply a contract whereby the insolvent entity ("Assignor") transfers legal and equitable title, as well as custody and control of its property, to a third party ("Assignee") in trust, to apply the proceeds of sale to the assignor's creditors in accord with priorities established by law.
Deed of arrangement – document setting out an arrangement for a debtor to pay part or all outstanding debts, as an alternative to bankruptcy; (Australian law). [10] Deed of assignment – document in which a debtor appoints a trustee to take charge of property to pay debts, partly or wholly, as an alternative to bankruptcy; (Australian law). [10]
A deed of trust refers to a type of legal instrument which is used to create a security interest in real property and real estate.In a deed of trust, a person who wishes to borrow money conveys legal title in real property to a trustee, who holds the property as security for a loan from the lender to the borrower.
Assignment of Legal Title to Stocks represented by Standard Oil Trust, issued 17. July 1897. When a contract for the sale of land is executed, equitable [interest/title] passes to the seller to the buyer. When the conditions on the sale contract have been met, legal title passes to the buyer in what is known as closing.
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