Assignee and Nominee - Indian Laws - General

Expressions assignee and nominee In Black s Law Dictionary, 6th edition, the expressions assignee and nominee are defined as under; (1) Assignee - A person to whom an assignment is made; grantee under uniform commercial code, assignee is subject to all defenses which may be asserted against assignor by account debtor. Assignee in fact is one to whom an assignment has been made in fact by the party having the right. The assignee in law is one in whom the law vests the right; as an executor or administrator. The expression assignment has also been defined as under; The act of transferring to another all or part of one s property, interest or rights. A transfer or making over to another of the whole of any property, real or personal, in possession or in action, or of any estate or right therein. It includes transfers of all kinds of property (Higgins v. Monckton, 28 Cal. App. 2d 723, 83 P.2d 516, 519), including negotiable instruments. The transfer by a party of all of its rights to some kind of property, usually intangible property such as rights in a lease, mortgage, agreement of sale or a partnership. Tangible property is more often transferred by possession and by instruments conveying title such as a deed or a bill of sale. (2) Nominee - One who has been nominated or proposed for an office. One designated to act for another in his or her place. A form of securities registration widely used by institutional investors to avoid onerous requirements of establishing the right of registration by a fiduciary. One designated to act for another as his representative in a rather limited sense; e.g., stock held by brokerage firm in street name to facilitate transactions even though customer is actual owner of securities. It issued sometimes to signify an agent or trustee. It has no connotation, however, other than that of acting for another, in representation of another, or as the grantee of another. GLADYS DEVAVARAM VERSUS S. SUBBIAH - 2011 (6) TMI 1037 - MADRAS HIGH COURT