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Business Definition for: assignment of lease
assignment of lease
transfer of rights to use leased property. The assignee acquires the same rights and privileges as the assignor . The assignor remains liable unless released by the landlord.
assignment of lease
the transfer of rights to use leased property. The assignee acquires the same rights and privileges as the assignor . The assignor remains liable unless released by the landlord.
Example: Abel signs a 20-year lease for a warehouse. After 5 years, Abel no longer needs the warehouse and assigns the lease to Baker.
Copyright © 2007, 2000, 1997, 1987, by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright © 2004, 2000, 1997, 1993, 1987, 1984 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
Copyright © 2004, 2000, 1997, 1993, 1987, 1984 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
