In Contracts. A transfer or making over to another of the whole of any property, real or personal, in possession or in action, or of any estate or right therein. Every demand connected with a right of property, real or personal, is assignable. To make an assignment valid at law, the subject of it must have an existence, actual or potential, at the time of the assignment. The proper technical and operative words in assignment are “assign, transfer, and set over;” but “give, grant, bargain, and sell” or any other words which show the intent of the parties to make a complete transfer, will work an assignment. Since an assignment is the relinquishment or transfer of a valuable right from one person to another, it is subject to many of the legal requirements of Deeds and Bills of Sale. Under an assignment, the assignee obtains only those property rights that the assignor had and nothing more.

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