ASSIGNMENT (ante), in American law, a transfer or making over (in writing usu ally) to another of property in possession or in action, or of any right therein; or the transfer of one's interest in property. Almost any valuable thing, present or prospect ive, may be assigned; but there are things excepted, such as the commission or pay of a public officer, the salary of a judge, right of action for fraud, rights pendente We, per sonal trusts, or the duties of a guardian. To be valid in law, the subject of A. must at the time have an actual or prospective existence, although courts may hold an A. good where value rests on possibility only. Negotiable bills are assigned by mere indorse ment, and then the holder can sue in his own name. In such case even an equitable defence that might exist between the maker and the original acceptor is barred out. The majority of assignments are made by insolvent debtors for the protection of credit ors, and to obtain discharge from further obligation, and these are regulated by special statutes in most of the states. In some of these an A. must be for the benefit of all
creditors equally. Personal chattels are usually transferred by bills of sale; sometimes by mere memorandum; any words showing the intent will answer. No consideration is necessary to support A. of a term. An A. of a policy of insurance, by consent of the underwriter, by statute, or otherwise, vests in the assignee all the rights of the assignor; but as such an instrument is not negotiable, the A. is only in equity, and even that may be forestalled by condition to the contrary expressed in the policy. An A. of dower is an act by which the share of a widow in a deceased husband's real estate is set apart for her, and may lie made by the heir or his g;uardian, or the person in possession of the laud subject to dower; or after legal proceedings by direction of the court, if voluntary A. be refused.