Maybe i should clarify. I was researching land ownership records w. the clerk's office & came across a mortgage & assignment of rights at the same time. The assignment was to a bank. What does this indicate? thanks!

The same as other states. In general, it means that someone is giving up their right, title and interest. Understand that it does not waive you of any financial responsibilities that you may have on the property. Be careful and make certain that you are dealing with reputable professionals.

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 party—the assignor—to another party—the assignee.

Basically, an assignment is a transfer.

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).

What does it mean to assign a loan? in this case, assigning rights connected w. a mortgage to a bank. Thanks!

Hello Lauren,

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.

This is tied in with a mortgage. possibly second mortgage?

it depends on what you are referring to, if it is in teh deed it is all rights that run with the property. Some states do have a slightly different definition than others but the land rights , air rights and what is include din the deed usually known as addendum a. hope this helps.