Definition of Assignor:
Party that transfers a property or right (with their associated obligations and rights) to another (the assignee) under an assignment.
An assignor is a person, company, or other entity who transfers rights that they hold to another entity. The assignor transfers to the assignee. For example, a party (the assignor) that enters into a contract to sell a piece of property can assign the proceeds or benefits of the contract to a third party (the assignee) such as a charity or a trust.
A person who legally transfers a right or liability to someone else.
Each type of assignment can carry a different set of regulations with certain assignments, such as intellectual property rights, having special conditions that must be met. An assignor may be the grantor of an assignment, a liability, or appoint somebody to act in the stead of another person or entity. For example, an executor of an estate may be appointed through a will left by a decedent. Power of attorney may be assigned to a person to tend to certain affairs for a person while they are out of the country or not capable of taking action for themselves.
How to use Assignor in a sentence?
- An assignor is one who legally transfers rights or benefits to another individual, the assignee.
- Assignors can often customize and detail the amount of control and what particular rights are assigned to a third party through the use of a contract or legal document such as a will.
- Assignment of rights often takes place upon death in order to manage the deceased's estate, or through a power of attorney to deal with legal or financial affairs of an individual.
Meaning of Assignor & Assignor Definition