Assignment |
Simply complete the Assignment form below and click View Results to see your completed contract.
Lawdepot's Assignment Form:
- Is used to transfer personal property, intellectual property, or contractual rights and obligations from one party to another.
- Can transfer partial or complete rights and obligations on a permanent, temporary, or periodic basis.
- Allows the consideration (i.e.: payment) for the transfered rights to be such things as money, property, services rendered, or anything else of value.
This Assignment can be used to transfer rights and obligations in almost anything except real estate:
| Contracts | Personal Property |
Present Income |
Future Income |
Intellectual Property |
| Purchase, Debt, Rental, Mortgage, Partnership, ... |
Vehicles, Equipment, Household Items, Animals, Crops, ... |
Accounts Receivable, Royalties, ... |
Insurance, Inheritances, Dividends, ... |
Copyrights, Patents, Inventions, Artist Rights, ... |
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Instead of using cash to pay for a purchase or cover an existing debt,
you can give rights in property that you have without having to sell
that property.
Ron has a cabin in the mountains. Kim loves Ron's cabin.
Ron wants to buy Kim's used car but can't afford it. Instead of cash to pay for Kim's car, Ron is willing to assign to Kim the right to use his cabin for six
months.
By using an Assignment, both the purchase of the vehicle and the right to use
the cabin for the six months are legally enforceable.
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When you know that you have a future source of income, an Assignment can
be used to access income immediately or services immediately.
Mike requires physiotherapy because of a car accident, but does not
have the funds to pay. He can use an Assignment to have the
physiotherapy costs paid directly from any settlement received.
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Alternatively, you can essentially sell future income for an agreed
upon amount (usually less than the amount to be received), and use the
money received to "purchase" the Assignment for your immediate needs
rather than having to wait until a future date.
Rose just planted a crop of wheat. She owes Ben $5000. Rose assigns future income from wheat
sales to Ben until the debt is paid off.
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More Examples
Bob is selling his home to Pat.
Bob assigns his existing mortgage obligations to Pat who is
now responsible for making mortgage payments to the bank.
Bob has a lease on a car. He just lost his carpenter job making him unable to make
his lease obligation. He can "assign" some or the remainder of his lease payments
to his parents in exchange for renovating his parent's kitchen.
Joe owes Edna $2000. Joe receives $500 each month in trust fund payments.
Joe can "assign" his trust fund payments to Edna until the debt is paid off.
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We regularly maintain this contract. Last Modified: May 2008
Assignment Details
