assignable

Assignable describes an interest, right, obligation, property, or contract term that can be transferred from one party to another. The transfer itself is called an assignment. Interests are generally considered assignable unless law, regulation, or a contract prohibits transfer or the purposes of the interest require personal involvement.

In contract and property law, assignment transfers the right to receive performance or payments under a contract, or to hold title to property or other interests. Obligations may or may not transfer; often a separate duty may require a novation to release the original party from liability. Many assignments occur without the need for the obligor’s consent, but observers frequently require notice to the debtor or counterparty. Some rights are not assignable because of policy concerns, or because the contract includes a non-assignment clause.

Limitations and exclusions are common. Personal service contracts, where the identity of the service provider is critical, are frequently non-assignable. Some rights require explicit consent, or are restricted by law or securities rules. Assignments may also be restricted by anti-assignment provisions in leases, licenses, or loan agreements, or by the type of asset.

Typical examples include assignment of contract rights, assignment of a lease to a new tenant, assignment of a mortgage or receivables, and assignment or transfer of intellectual property rights through licensing or assignment agreements.

In computing, assignable commonly refers to a storage location that can be written to, such as the left-hand side of an assignment or an lvalue in many programming languages.