assignment and assumption agreement
USA
assignment and assumption agreement, Also called an assignment and assumption.
An agreement in which one party transfers its contractual rights and obligations to another party.
For forms of assignment and assumption agreements for bank loans, see Standard Document, Assignment and Assumption: Single Assignment of Loans (www.practicallaw.com/2-382-1269) and Standard Document, Assignment and Assumption: Multiple Assignments of Loans (www.practicallaw.com/5-500-1596). For more information on assignments and participations of bank loans, see Practice Note, Assignments and Participations of Loans (www.practicallaw.com/8-381-8532) and Standard Clauses, Loan Agreement: Assignment and Participation Clauses (www.practicallaw.com/8-383-3066).
For a form of an assignment and assumption agreement used in connection with an asset purchase, see Standard Document, Assignment and Assumption Agreement (www.practicallaw.com/0-381-9984).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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