ASSIGNMENT (from Lat. ad, to + signare, to sign). In law, a transfer or making over (usually in writing) to another, of any property, real or personal, or of any right therein. The term is usually, although not with strict accu racy, applied to a transfer in writing, as dis tinguished• from a transfer whose validity de pends upon mere delivery or unwritten agree ment: and it is more frequently applied to the transfer of personal property than of real prop erty, which requires to he transferred by an in strument under seal, and which at early common law required other formalities, not referable to the doctrine of assignment, in order to effect the conveyance. The formal words of assignment are: assign, transfer, and set-orer. At common law all personal property in being, and other property not yet in being, but having po tential existence (as crops planted but not yet grown. the wool to be grown by the as signor's Hock of sheep within the year, etc.) could be freely assigned, and the assignment vested a present property right in the assignee. Courts of equity also recognized assignments of property to be created in futuro when such as signments were made for value, and enforced them against the assignor whenever this prop erty came into existence. At common law, the assignment of a chose in action, other than com mercial paper, was forbidden. as violating the rules against maintenance (q.v.) and ehamperty
(q.v.). Such nevertheless. con ferred upon the assignee the right to sue in the assignor's name, and, if the assignment was made for value, equity would restrain the as signor from interfering with the assignee's rights thereunder. To this rule, however, there were certain exceptions, based on grounds of public policy. Thus equity refused to protect the as signment of the salary of a public officer or judge, rights of action based on personal torts, etc. I n the United States, generally, assign ments of legal choses in action capable of manual delivery, such as bonds and insurance policies, when accompanied by delivery, are protected by courts of equity, although made without consideration. Equitable choses in action have always been held assignable, al though the assignment is made without consid eration: and in the United States to-day legal (-hoses in action are generally made subject to the same rule by statute.
An assignment for the benefit of creditors is an assignment of real or personal property, or both, to a trustee. usually made by an insolvent debtor for the protection of his creditors, and to obtain discharge from further obligations. These are regulated by special statutes in each jurisdiction. See BILL OF SALE: CHOSE IN ACTION ; BANKRUPTCY; INSOLVENCY; and CON TRACTS.