conditional assignment

An assignment of income (such as rent payments or accounts receivable) to a lender, made to secure a loan.

• The lender receives the assigned income only if the assignor defaults on the underlying loan. [Cases: Mortgages 199(2); Secured Transactions 181. C.J.S. Mortgages §§ 301–302; Secured Transactions §§ 25, 134–136.]

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词条贡献者

译者Lisa，毕业于美国顶尖的高级翻译学院，擅长翻译涉及体育及娱乐业领域的法律文件。