The transfer of an asset from an Assignor to an Assignee. Unlike a Security Assignment, an assignment is not subject to the Equity of Redemption. An assignment may be either an Equitable Assignment or a Legal Assignment.

Unlike the transferee of a Beneficiary of a Transferable Letter of a Credit, an Assignee of a Letter of Credit has transferred to it the right to the proceeds of a Letter of Credit but not the right to perform (ie present documents) under the Letter of Credit.

Back to glossary