Assignment and Assumption of Interest is a legal agreement in which a party assigns their interest in a particular asset, such as a loan, contract, lease, or real estate, to another party. This type of agreement is usually used to transfer ownership of an asset from one party (the assignor) to another (the assignee). In some cases, the assignor may need to provide the assignee with compensation in exchange for the asset. There are two main types of Assignment and Assumption of Interest: voluntary and involuntary. A voluntary assignment is when the assignor willingly enters into the agreement in order to receive compensation from the assignee. An involuntary assignment is when the assignor is forced to enter into the agreement due to a court order or judgment. In both cases, the assignee will assume the assignor's interest in the asset, and the obligations associated with it. This transfer of interest is typically documented in a formal agreement that outlines the details of the transaction, including the assignor's and assignee's obligations, the terms of the agreement, and any compensation that is to be exchanged.
Legal Definition Of Assignment And Assumption Agreement
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