This section is from the book "Hill's Manual Of Social And Business Forms: A Guide To Correct Writing", by Thos. E. Hill. Also available from Amazon: Hill's Manual Of Social And Business Forms: The How-To-Do-Everything Book Of Victorian America.
The writing by which ownership is thus transferred is called an assignment.
An assignor is one who transfers his interest, right or title to another.
An assignee is one to whom a transfer is made.
Certain assignments must be in writing, as transfers of real estate.
All assignments relating to lands and tene-ments must be properly signed, sealed, acknowledged and recorded, like a deed.
Where property of any kind is assigned for the benefit of creditors, its immediate delivery to the assignee is required.
An assignment may convey the whole property absolutely, or in trust, or only an equitable right to the benefit of it, the legal title remaining in the assignor.
An assignment for the benefit of creditors may be at common law, or under a statute. At common law the assignor may prefer creditors. By statute he can not.
An assignment for the benefit of creditors must provide that the property be turned into cash and divided amongst creditors, and must not reserve any benefit to the assignor. Such an assignment should be of all the assignor's property liable to and not exempt from execution.
Under some insolvent and bankrupt acts, the adjudication itself that a person is a bankrupt transfers his property to the assignee.
When insured property is sold, the policy should be assigned to the purchaser. This can only be done with the consent of the insurer, to be indorsed on the policy. Forms for transfer of the policy and assent are usually printed on the policies.
No one except the person owning insured property at the time of the assignment can legally become the assignee of an insurance policy covering it, and then the consent of the insurers to the transfer must be obtained. Legal assignments can be made of copyrights, contracts, deeds, mortgages, bonds, leases, notes, drafts, accounts, judgments, all claims for money or wages, insurance, corporation shares, etc.
All property assigned must be distinctly described in the assignment, or the schedule attached thereto.
Stock in incorporated companies is assigned by an assignment on the back of the certificate, and by a transfer on the stock-book. Forms for this purpose are usually printed on the back of the certificate.
All assignments, except statutory, are contracts, and subject to the same law.
Thus, an assignment at common law for the benefit of creditors needs the assent of the creditors to make it valid.
Assignments for the benefit of creditors are now regulated by statute law in nearly every State.
An assignment of a debt or note carries with it all collaterals and securities.
A mortgage cannot be assigned without a transfer, at the same time, of the debt, note or bond. In addition, in some States, the land also should be conveyed as in the form below.
For value received, I hereby assign all my right, title and interest in the within contract to John Doe. Dated Chicago, November 17, A. D. 1882.
Know all Men by These Presents, That I, Myrick J. Lasley, of Riverside, Cook county, and State of Illinois, in consideration of Fifty Dollars, the receipt of which I acknowledge, do hereby assign, transfer and set over to George Z. Bassett, of the same place, all claims and demands which I now have, and all which at any time between the date hereof and the seventeenth day of January next, A. D. 1883, I may or shall have against Cooper Donelson for all sums of money due, or to become due to me, as engineer in his factory; that I do hereby appoint and constitute said George Z. Bassett, and his assigns, my attorney irrevocable, to do and perform all acts, matters and things in the premises in like manner, and to all intents and purposes, as I could if personally present.
In witness whereof I have hereunto set my hand this seventeenth day of November, A. D. 1882.
F. O. Buck, Witness. MYRICK J. LASLEY.
[The above form is proper for all assignments of rights. ]
Know all Men by These Presents, That whereas Donald Cooper, of the town of Aurora, in Kane county, and State of -Illinois, on the fifth day of August, A. D. 1881, by his deed of mortgage of that date, for the consideration of One Thousand Dollars, did grant, bargain, sell and convey unto me, Cameron Smith, of Chicago, in Cook county and State of Illinois, my heirs and assigns, all and singular the real estate (minutely described); to have and to hold the same to me, the said Cameron Smith, my heirs and assigns, forever, upon condition (here insert the conditions of the mortgage). Now, therefore, I, the said Cameron Smith, in consideration of the sum of One Thousand Dollars, to me in hand paid before the ensealing hereof, do by these presents sell, assign, transfer, and set over unto William Anderson, of Aurora, in Kane county and State of Illinois, his heirs and assigns, forever, the mortgage, debt, notes, and bonds, and the said (premises or property), to have and to hold the same to him, the said William Anderson, his heirs and assigns, forever, as fully, and in as ample a manner as I, the said Cameron Smith, my heirs or assigns, might hold and enjoy the same by virtue of the mortgage deed aforesaid, and not otherwise.
And I do, for myself, my heirs, executors, and administrators, hereby authorize and empower the said William Anderson, his heirs, executors, and administrators, to receive to his and their own use the sum or sums mentioned in the condition of said deed whenever the same shall be tendered or paid to him, or them, by the said Donald Cooper, his heirs, executors, or administrators, agreeably thereto, and to discharge the said mortgage, or to take and pursue such other steps and means for recovery of the said sum or sums, with the interest, by the sale of the said mortgaged premises, or otherwise, as by law are provided, as fully to all intents and purposes as I, the said Cameron Smith, my heirs, executors, or administrators, might or could do.