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.]