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Assignment [a] is a legal term used in the context of the laws of contract and of property. In both instances, assignment is the process whereby a person, the assignor, transfers rights or benefits to another, the assignee. [1] An assignment may not transfer a duty, burden or detriment without the express agreement of the assignee.
Corporate law (also known as company law or enterprise law) is the body of law governing the rights, relations, and conduct of persons, companies, organizations and businesses. The term refers to the legal practice of law relating to corporations, or to the theory of corporations .
Mance LJ noted that "[u]nder English law, an assignment may occur in a pot-pourri of three different forms, with variegated terminology." [17] It can arise at law (either under the Marine Insurance Act 1906, section 50 or the Law of Property Act 1925, section 136(1)), or it can arise in equity. After carefully reviewing the document he held:
In the United States, a general assignment or an assignment for the benefit of creditors is simply a contract whereby the insolvent entity ("assignor") transfers legal and equitable title, as well as custody and control of its property, to a third party ("assignee") in trust, to apply the proceeds of sale to the assignor's creditors in accord with priorities established by law.
WW Cook, A treatise on the law of corporations having a capital stock (7th edn Little, Brown and Co 1913) vol I; WO Douglas and CM Shanks, Cases and Materials on the Law of Management of Business Units (Callaghan 1931) Robert C. Clark, Corporate Law (Aspen 1986) A Cox, DC Bok, RA Gorman and MW Finkin, Labor Law Cases and Materials (14th edn 2006)
Salomon v A Salomon & Co Ltd [1896] UKHL 1, [1897] AC 22 is a landmark UK company law case. The effect of the House of Lords' unanimous ruling was to uphold firmly the doctrine of corporate personality, as set out in the Companies Act 1862, so that creditors of an insolvent company could not sue the company's shareholders for payment of outstanding debts.
Corporate law is a branch of law that examines the nature, creation and operation of legally incorporated businesses. For an overview, see the corporate law article. Wikimedia Commons has media related to Corporate law .
Royal British Bank v Turquand (1856) 6 E&B 327 is a UK company law case that held people transacting with companies are entitled to assume that internal company rules are complied with, even if they are not. This "indoor management rule" or the "Rule in Turquand's Case" is applicable in most of the common law world.