business law

Assign is the act of transferring rights, property, or other benefits to another party (the assignee) from the party who holds such benefits under contract (the assignor).

An assignee is a person to whom a right is transferred by the person holding such rights under the transferred contract (the “assignor”).

Assignment is a legal term whereby an individual, the “assignor,” transfers rights, property, or other benefits to another, known as the “assignee.” This concept is used in both contract and property law.

Assignment for the benefit of the creditors (ABC) (also known as general assignment for the benefit of the creditors) is a voluntary alternative to formal bankruptcy proceedings that transfers all of the assets from a debtor to a trust for liquidating and distributing its assets.

An association is an unincorporated organization of people banded together for a specific purpose.

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To assume means to undertake. Generally, in legal contexts, to assume means to take over a certain duty or responsibility. For example, Alice may assume Bob’s liability for a debt (Alice may take over Bob’s debt).

An assumption is an assertion or statement that is taken as true or supposed as a fact without proof or substantiating evidence. An assumption may also be the act of taking over (another individual or entity’s) duty or responsibility.

[Last reviewed in June of 2021 by the Wex Definitions Team]

Attached property is property that has been seized pursuant to a court order, either as a provisional pre-judgment remedy or for the enforcement of a final judgment. Property may be attached only after the commencement of a lawsuit. In a pre-judgment request that property be attached, the movant must generally demonstrate a substantial risk of a future potential judgment’s lack of enforceability.

An attachment is a court order seizing specific property. Attachment is used both as a pre-trial provisional remedy and to enforce a final judgment. 

An attestator is a person who attests or verifies the authenticity of a document or signature by adding their own signature or stamp. Accordingly, such a document becomes attested, which means it has been acknowledged as an authentic document that can be used in a court or be held as binding on the parties involved.