The transfer of a duty, interest, or right from one party to another. See also subrogation. assignment for benefit of creditors.An assignment of most of a debtor's property to another who, acting as a trustee, consolidates and liquidates the assets and pays the debtor's creditors with any surplus being returned to the debtor. assignment of a lease.An assignment of a lessee's entire interest in a lease. The assignor remains secondarily liable to the landlord and will have to pay the rent if th...