What is the meaning of irrevocable

what is the meaning of irrevocable

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An assignee is a person or business that is granted a right or a benefit by written agreement. The person or entity that conveys this benefit is known as the assignor. The assignor must make the assignment in the present (not in the future), and does not need permission of the assignee to make the assignment. The assignor must not be specifically prohibited from assigning her rights.


The assignee may be given control of physical property through the conveyance of a title to that property. In a similar situation, the assignor may remain the owner of the property while granting the assignee the authority to manage the property. In such a case, the assignor remains the legal owner of the property and retains all the owner's responsibilities under law.

Financial Considerations

The assignee may also be granted financial considerations, such as ownership of an investment portfolio contained within a trust, the cash value of a life insurance policy, or rents from the use of residential

property. Assignments for consideration are irrevocable: The assignor may not claim the consideration in the future. Also, death or bankruptcy of the assignor will legally revoke the assignment.


Assignees also can be granted a stream of royalties from the creation of literary works, the proceeds of a sale of property held in trust, or the rights to manufacture and market a newly invented product. Profits from the sale of intellectual property are commonly assigned to agents, manufacturers, developers or other individuals who are given responsibility for disseminating that work among the public. Assignments of wages, property or loan collateral must be in writing.

Assignment Document

The assignment is the document making the conveyance of the rights and/or benefits to the assignee. The assignment details the full rights and responsibilities of the assignee, as determined by the assignor. The continuing status of the assignment may depend on the performance by the assignee of tasks and duties over a defined period of time. Such assignments can be revoked in the future by the assignor.

Source: ehow.com

Category: Bank

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