Legal Question in Business Law in Illinois

Re: assingment

To assign a contract, for example, you would be assigning your rights in the contract to someone else. So whatever you were entitled to, they would now be entitled to.

For example, you are the lender in a promissory note. You decide to sell the rights to collect that promissory note to someone else. In order to do that, you assign the promissory note to them.