absolute assignment

Definition of "absolute assignment"
  1. A type of assignment where all rights and benefits related to a property or agreement are fully transferred, resulting in the original owner having no remaining stake or claim
How to use "absolute assignment" in a sentence
  1. The life insurance policyholder decided to opt for an absolute assignment, effectively transferring all his benefits to his children.
  2. After the absolute assignment of the patent rights, the inventor no longer had any interest in the patent.
  3. By executing an absolute assignment, the tenant transferred all his rights and obligations of the lease to the new renter.

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