cession, noun
/ˈseʃ(ə)n/
- Origin:
- EnglishShow more Special sense of general English cession ‘the formal giving up of rights, property, or territory by a state’ (Oxford South African Concise Dictionary, 2010).
Law
The legal transfer of a right or claim from one party to another, typically in a financial or contractual context.
2014 4x4community.co.za (DSAE Corpus)North East discounted the debts owed to it by end-users with the bank in terms of an agreement of cession.
2017 dailymaverick.co.za (DSAE Corpus)On 24 March 2011 Mulaudzi concluded a written deed of cession with Nedbank Financial Planning ceding all rights, title and interest owing to him in the policy.
The legal transfer of a right or claim from one party to another, typically in a financial or contractual context.
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