{"ok":true,"canonical_url":"https://dealroom.so/glossary/sole-assignee","api_url":"https://dealroom.so/api/public/glossary/sole-assignee","data_freshness":{"sba_records_through":"2026-05-31","fdic_records_through":"2026-03-31","dealroom_last_updated":"2026-06-15","timezone":"America/Chicago"},"source_summary":["Public SBA 7(a) loan records","FDIC institution data","DealRoom lender and franchise enrichment"],"term":{"slug":"sole-assignee","term":"Sole assignee","group":"People and paperwork","definition":"The only party to whom rights or property have been transferred. For an SBA loan, the lender must be the sole assignee of any required life insurance policy.","what_it_means":"The SBA requires that the lender be the sole assignee of any life insurance policy used as collateral. This prevents other claims on the policy proceeds that could jeopardize the loan's repayment. Verify with your insurance provider that no other party is listed as an assignee.","url":"https://dealroom.so/glossary/sole-assignee","official_sources":[{"slug":"sop-50-10","title":"SOP 50 10 — Lender and Development Company Loan Programs","official_url":"https://www.sba.gov/document/sop-50-10-lender-development-company-loan-programs","official_label":"View on SBA.gov","authority_tier":2,"publisher":"U.S. Small Business Administration","source_guide_url":"https://dealroom.so/sba-7a/sources/sop-50-10"}],"related":[{"slug":"assignment-of-policy-rights","term":"Assignment of policy rights","url":"https://dealroom.so/glossary/assignment-of-policy-rights"},{"slug":"unconditional-assignment","term":"Unconditional assignment","url":"https://dealroom.so/glossary/unconditional-assignment"},{"slug":"beneficiary","term":"Beneficiary","url":"https://dealroom.so/glossary/beneficiary"}],"related_questions":[{"question":"Does my business need to have employees, or can I be a sole proprietor?","url":"https://dealroom.so/sba-loans/basics/does-my-business-need-to-have-employees-or-can-i-be-a-sole-proprietor"},{"question":"What are the specific requirements for business continuity if the seller is the sole proprietor?","url":"https://dealroom.so/sba-7a/questions/what-are-the-specific-requirements-for-business-continuity-if-the-seller-is-the-sole-propr"},{"question":"Does my business legal structure (like LLC or Sole Proprietorship) affect SBA 7(a) loan eligibility?","url":"https://dealroom.so/sba-loans/basics/does-my-business-legal-structure-like-llc-or-sole-proprietorship-affect-sba-7-a-loan-eligi"},{"question":"Can I use an SBA 7(a) loan to purchase business equipment as the sole purpose of the loan?","url":"https://dealroom.so/sba-7a/questions/can-i-use-an-sba-7-a-loan-to-purchase-business-equipment-as-the-sole-purpose-of-the-loan"},{"question":"What are the key considerations for a lender when approving a material change in the borrower's business entity structure (e.g., sole proprietorship to LLC) during servicing?","url":"https://dealroom.so/for-lenders/questions/what-are-the-key-considerations-for-a-lender-when-approving-a-material-change-in-the-borro"}]},"caveats":["Definitions represent DealRoom's plain-English interpretation for buyers; verify regulatory terms against the official SBA and eCFR sources listed.","Not legal, tax, or financial advice, and not an SBA eligibility determination."],"citation":{"label":"DealRoom.so Glossary — Sole assignee","url":"https://dealroom.so/glossary/sole-assignee","source_type":"DealRoom Data"}}