wex definitions

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.

As noted in the Supreme Court of New Mexico case Morris v. Brandenburg, assisted suicide is the act of actively aiding other people in the taking of their own lives. Physician-assisted suicide, a subset of assisted suicide, involves the assistance of a physician. 

An associate is a junior or senior attorney who works for a professional organization, such as a law firm, or is employed by another attorney. They are not considered a partner or a member of a law firm. Associates may choose to be put on a non-partner track, if they aren’t interested in becoming a partner. 

Associate justice is the designation given to a justice on a judicial panel who is not the chief justice.

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

• llcs-corporations-partnerships

Assumable mortgage is a term for mortgages that can be transferred to another person. If a mortgage is assumable, the selling owner transfers the title and mortgage to the buyer instead of the buyer getting a different mortgage. This process can save the buyer fees and lots of money on interest if the mortgage has lower interest than the market.

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]