What is an assignment of rights?

An assignment of rights is a legal document that transfers a person’s rights to another person in Oklahoma. It is most commonly used in the field of Insurance Claims Law. When a person’s rights are assigned to another, the assignee (the person receiving the rights) can now assert those rights as if they were the original owner. For example, if a person takes out an insurance policy on their vehicle and another person is involved in an accident with the insured vehicle, the insurance company will pay the claim to the insured person and the insured person can then assign their rights to receive the claim money to the other person. The other person now has the right to seek the claim money from the insurance company. Assigning rights is a contractual agreement between two parties. It must be signed and witnessed by a party that is not involved in the agreement and must be made in writing in order for it to be legally binding. In some cases, attorneys may be required to draft and execute the assignment of rights in order for it to be valid.

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