Showing posts with label transfer. Show all posts
Showing posts with label transfer. Show all posts

Difference Between Transfer & Assignment

These two actions are usually used together in respect of the same objects, like:

"X will transfer and assign all assets and liabilities under..."

Though 'transfer' is a common word for passing anything from one to the another, it is legally used for liabilities (debts, outstanding amounts, obligations, fines etc.) only, while the term assignment is used for assets (properties, receivables, interest, titles, benefits etc.) only in the mentioned context.

Therefore, where an agreement says one will transfer and assign the assets and liabilities, it actually means that the assets will be assigned and the liabilities will be transferred, respectively. This is the accurate conveyance.

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