The transfer of a right from one party to another. For example, a party to a contract (the assignor) may, as a general rule and subject to the express terms of a contract, assign its rights under the contract to a third party (the assignee) without the consent of the party against whom those rights are held. Obligations cannot be transferred to a third party except by novation. An assignment may be either a legal assignment or an equitable assignment.

For more information on assigning rights under a contract, see Practice note, Contracts: assignment.

In finance transactions, assignments may be used as a way to take security over, for example, choses in action. For more information on security assignments, see Practice note, Taking security over choses in action: Assignment.