Document background
A Deed of Assignment and Assumption is commonly used when there's a need to transfer contractual rights, obligations, or property interests between parties. This document is particularly important in corporate restructuring, asset sales, or when transferring contract rights. Under U.S. law, it must be properly executed as a deed, which typically requires notarization and witnesses. The document specifies what is being assigned, the terms of the assumption, and any conditions or limitations on the transfer. It's crucial for maintaining clear chains of title and contractual obligations, particularly in complex business transactions.
