KFLCC Kingdom Law 2nd Ed.

96

ASSIGNMENT

ASSETS

assignee is clothed with the rights of his principal. Halk. Max. p. 14; Broom, Max. 465. ASSIGNAY. In Scotch law. An as signee. ASSIGNEE. A person to whom an as signment is made. Allen v. Pancoast, 20 N. J. Law, 74; Ely v. Com'rs, 49 Mich. 17, 12 N. W. 893, 13 N. W. 784. The term is commonly used in reference to personal prop erty; but it is not incorrect, in some cases, to apply it to realty, e. g., "assignee of the reversion." Assignee in fact is one to whom an assign ment has been made in fact by the party having the right. Starkweather v. Insurance Co., 22 Fed. Cas. 1091; Tucker v. West, 31 Ark. 643. Assignee in law is one in whom the law vests the right; as an executor or adminis trator. Idem. The word has a special and distinctive use as employed to designate one to whom, un der an insolvent or bankrupt law, the whole estate of a debtor is transferred to be ad ministered for the benefit of creditors. In old law. A person deputed or ap pointed by another to do any act, or perform any business. Blount. An assignee, how ever, was distinguished from a deputy, being said to occupy a thing in his own right, while a deputy acted in right of another. Cowell. The act by which one person transfers to another, or causes to vest in that other, the whole of the right, interest, or property which he has in any realty or personalty, in possession or in action, or any share, interest, or sub sidiary estate therein. Seventh Nat. Bank v. Iron Co. (C. C.) 35 Fed. 440; Haug v. Riley, 101 Ga. 372, 29 S. E. 44, 40 L R. A. 244. More particularly, a written transfer of property, as distinguished from a transfer by mere delivery. 2. In a narrower sense, the transfer or making over of the estate, right, or title which one has in lands and tenements; and, in an especially technical sense, the transfer of the unexpired residue of a term or estate for life or years. Assignment does not include testamentary transfers. The idea of an assignment is essen tially that of a transfer by one existing party to another existing party of some species of property or valuable interest, except in the case of an executor. Blight v. Sackett, 34 N. Y. 447. 3. A transfer or making over by a debtor of all his property and effects to one or more assignees in trust for the benefit of his cred itors. 2 Story, Eq. Jur. § 1036. 4. The instrument or writing by which such a transfer of property is made. 5. A transfer of a bill, note, or check, not negotiable. ASSIGNMENT. In contracts. 1.

ministrators, applicable for the payment of debts. Termes de la Ley; 2 Bl. Comm. 510; I Crabb, Real Prop. 23; Favorite v. Booher, 17 Ohio St. 557.— Equitable assets. Equitable assets are all assets which are chargeable with the payment of debts or legacies in equity, and which do not fall under the description of legal assets. 1 Story, Eq. Jur. § 552. Those por tions of the property which by the ordinary rules of law are exempt from debts, but which the testator has voluntarily charged as assets, or which, being non-existent at law, have been created in equity. Adams, Eq. 254, et seq. They are so called because they can be reach ed only by the aid and instrumentality of a court of equity, and because their distribution is governed by a different rule from that which governs the distribution of legal assets. 2 JTonbl. Eq. b. 4, pt. 2, c. 2, § 1, and notes; Story, Eq. Jur. § 552.— Legal assets. That portion of the assets of a deceased party which by law is directly liable, in the hands of his executor or administrator, to the payment of debts and legacies. 1 Story, Eq. Jur. § 551. Such assets as can be reached in the hands of an executor or administrator, by a suit at law against him.— Personal assets. Chattels, mon ey, and other personal property belonging to a bankrupt, insolvent, or decedent estate, which go to the assignee or executor.— Real assets. Lands or real estate in the hands of an heir, chargeable with the payment of the debts of the ancestor. 2 Bl. Comm. 244, 302. ASSEVERATION. An affirmation ; a posi tive assertion; a solemn declaration. This word is seldom, if ever, used for a declara tion made under oath, but denotes a declara tion accompanied with solemnity or an ap peal to conscience. ASSIGN, v. In conveyancing. To make or set over to another; to transfer; as to as sign property, or some interest therein. Cow ell ; 2 Bl. Comm. 326; Bump v. Van Orsdale, II Barb. (N. Y.) 638; Hoag v. Mendenhall, 19 Minn. 336 (Gil. 289). In practice. To appoint, allot, select, or designate for a particular purpose, or duty. Thus, in England, justices are said to be "assigned to take the assises," "assigned to hold pleas," "assigned to make gaol deliv ery," "assigned to keep the peace," etc. St Westm. 2, c. 30; Reg. Orig. 68, 69; 3 Bl. Comm. 58, 59, 353; 1 Bl. Comm. 351. To transfer persons, as a sheriff is said to assign prisoners in his custody. To point at, or point out; to set fofth, or specify; to mark out or designate; asj to as sign errors on a writ of error; to ^assign breaches of a covenant. 2 Tidd, Pr. 1168; 1 Tidd, 686. That may be assigned or transferred; transferable; negotiable, as a bill of exchange. Comb. 176; Story, Bills, ! 17. ASSIGNATION. A Scotch law term equivalent to assignment, (g. v.) Assignatus utitur jure anctoris. An assignee uses the right of his principal; an ASSIGNABLE. ASSEWIARE. To draw or drain water from marsh grounds. Cowell.