Assignment transfers legal rights or property, converting ownership or interests to another under common law definition. The document defines Assignment as the act of transferring all or part of one's property, interest, or rights to another, covering real and personal property in possession or in action and the transfer of estates or rights therein. It notes assignments commonly concern intangible rights such as leases, mortgages, agreements of sale, or partnership rights, whereas tangible property is often transferred by possession or by instruments conveying title.