Rather than pistol whipping you with more jargon, I'll give you an example. This way you'll be able to see more clearly how to use it effectively.
For example, let's say you're a buyer, and you're looking to purchase a property from a seller who still has a mortgage (aka a mortgage lien). You have several options for how to fund your purchase: 1) cash, 2) conventional financing (or a normal loan from a bank), 3) seller financing (meaning you won't have to go to a bank to obtain the loan), or 4) a linear combination of the previous 3 options. Let's also say that the seller agrees to sell you the property with seller financing. So, you'd be purchasing the property with 2 mortgage liens: 1) a first mortgage with the lender from whom the seller obtained his/her financing for the balance of that note, and 2) a second mortgage with the seller for his/her equity. In the case of that first mortgage lien, the seller will have transferred (or assigned) his/her rights to that lien as part of the process of transferring the title along with any of its encumbrances (ie the first mortgage lien, any obligations associated with that lien, easements, etc).
By definition: An assignment (Latin cessio) is a term used with similar meanings in the law of contracts and in the law of real estate. In both instances, it encompasses the transfer of rights held by one partyâ€”the assignorâ€”to another partyâ€”the assignee.
In addition to Scott's answer you can also assign loans and other personal property such as boat docks. I am in Rogers, Arkansas and would be glad to meet with you and look over any documents to help. Please feel free to contact me at 479-633-3708.