Assignments and Subleases - The Basics
Probate and Property, September/October 2003, Volume 17, Number 5
By Ann Peldo Cargile and Michael B. Noble
Ann Peldo Cargile is a member and Michael B. Noble an associate of Boult, Cummings, Conners & Berry, PLC, in Nashville, Tennessee.
Assignments and subleases are commonplace. The difference between the two is a product of common law. Without a thorough understanding of the differing rights among landlords, tenants, and transferees resulting from assignments and subleases, parties may find themselves unpleasantly surprised. This article outlines the fundamental differences between assignments and subleases, the ongoing rights among the parties under the common law, and the advisability of certain express agreements that change the common law results.