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Law Pro
Law Pro, Attorney
Category: Business Law
Satisfied Customers: 24870
Experience:  20 years experience in business law - sole proprietor, partnership, and corporations
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My understanding is that a promise to assign in the future

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My understanding is that a promise to assign in the future has no legal effect. I am being asked to accept an assignment that begins with the words "This assignment is made to be effective the first day of October, 2013..." Doesn't this render the assignment ineffective? Isn't this true even though a subsequent sentence in the assignment says "Assignor does hereby irrevocably assign and transfer.." The Assignor signed the document last week. This assignment is part of the process of the termination of a trust of which I am the beneficiary. The termination process was initiated by the Assignor because the trust has become "uneconomic." The Assignor is the Trustee of the terminating trust and an officer of a financial institution.
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That is a legal effective assignment to be effective on a date certain.

What is not legal are agreements to "agree" in the future - where parties say they will agree at some date in the future as to a price of they will assign, etc.

But what you described IS a valid and legal assignment.


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