Written by attorneys · grounded in primary & secondary sources — see below
A person to whom rights or interests are transferred by another through an assignment.
Adrian Aguilar held a right to receive payments from Alpine Mining under a supply contract. Adrian manifested an intention to transfer that right to Ariana Azizi in exchange for immediate financing. Alpine Mining's duty to pay Adrian was extinguished and Ariana acquired the right to receive the payments directly.
Audrey Ashton was a beneficiary of a trust that lacked a spendthrift provision. Audrey assigned her interest to Austin Abbott to satisfy a debt. The court authorized Austin to attach present and future distributions from the trustee to or for Audrey's benefit.
Select any source to read its text and confirm it supports the definition.
Aisha Ahmed purchased chattel paper from Alliance Holdings in the ordinary course of business and took possession of the authoritative copies. The copies did not indicate any prior assignment to another identified assignee. Aisha thereby obtained priority over a competing security interest claimed merely as proceeds of inventory.
Andre Antoine was a beneficiary under an irrevocable trust containing a valid spendthrift provision. Andre attempted to assign future distributions to Avalon Pharmaceuticals as collateral for a loan. The assignee could not reach the interest or any distribution before the trustee delivered it to Andre.
Azure Solutions created an irrevocable trust funded with its own assets. A creditor of Azure Solutions obtained a judgment and sought to reach the maximum amount that could be distributed to or for Azure's benefit. The assignee was limited to the portion of the trust attributable to Azure's contribution.
Alpine Mining held a distributorship contract with Nexxus Products. Alpine assigned its rights under the contract to a wholly owned subsidiary of a direct competitor. The assignment was ineffective because the assignee's substitution would materially change the obligor's expectations under the personal service relationship.
The assignor must manifest an intention to transfer the right so that the assignor's right to performance is extinguished and the assignee acquires that right.
A creditor or assignee may reach the interest by attachment of present or future distributions when the interest is not subject to a valid spendthrift provision.
Yes. A beneficiary may not transfer an interest in violation of a valid spendthrift provision and a creditor or assignee may not reach the interest or a distribution before the trustee delivers it to the beneficiary.
With respect to an irrevocable trust a creditor or assignee of the settlor may reach the maximum amount that can be distributed to or for the settlor's benefit.
…plaintiff's intestate. Whipple paid interest for a time and, upon refusing to continue, was sued by the administratrix of the assignee. The court held that the stipulation in the deed was a matter exclusively between the two parties to the deed; that nothing had been put into Whipple's hands for the purpose of meeting the…