An assignment is a transfer of property made in writing. In effect it is passing to another person all of one's title or interest in any sort of real or personal property, rights, actions or estates. However, some things are not assignable; an officer's pay or commission, a judge's salary, fishing claims, Government bounties, or claims arising out of frauds or torts. Personal trusts cannot be assigned, as a guardianship or the right of a master in his apprentice.

Unlike many other legal devices the holder of an assignment is not bound to show that a valuable consideration was given. The owner of a cause of action may give it away if he pleases, and in the positive absence of evidence to the contrary the court will presume that the assignment was for a sufficient consideration.

Proof will be called for only when it appears that the assignment was a mere sham or fraudulent. No formality is required by law in an assignment. Any instrument between the contracting parties which goes to show their intention to pass the property from one to another will be sufficient. It may be proved, for instance, by the payee of a note, that he indorsed (or delivered without indorsement) the note to the assignee, and this is sufficient evidence of assignment.

In every assignment of an instrument, even not negotiable, the assignee impliedly warrants the validity of the instrument and the obligation of the third party to pay it. He warrants that there is no legal defense against its collection arising out of his connection with the parties; that all parties were legally able to contract, and that the amount is unpaid.

An assignment carries with it all the collateral securities and guarantees of the original debt, even though they are not mentioned in the instrument.

Where property is assigned for the benefit of creditors, its actual transfer to the assignee must be made immediately. When an assignment is made under the common law, the assignor may prefer certain creditors; but in a state where this sort of an assignment is governed by statute, no preference can be shown. An assignment for the benefit of creditors covers all of the assignor's property, wherever or whatever it it may be, that is not exempt from execution.

When insured property is sold the insurance policy should be assigned. This can only be done with the consent of the insurer, and that consent must be at once obtained.

Correct schedules of the property assigned should accompany and be attached to every assignment.