Assignment of Debt - Absolute

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This Assignment of Debt - Absolute will effectively assign debt owed to a creditor to another party. This assignment contains all relevant terms including any amount the assignee will pay to creditor for the debt assignment.

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This Assignment of Debt is between a party to whom a debt is owed (also known as the "assignor") and another party who agrees to assume the debt (also known as the "assignee"). This agreement sets out the names of all parties, including the debtor, and the total amount of the debt. It also sets out the amount of money the assignee will pay to assignor (usually an amount less than the debt) for the assumption. It is imperative that this type of business assignment be clearly set out in writing. A written Assignment of Debt - Absolute will prove valuable in the event there are disagreements or misunderstandings as to whom the debt should be paid.

This Assignment of Debt - Absolute contains the following:
  • Parties: Sets out the names of both assignor and assignee;
  • Debt Information: Name of the debtor and the amount which is owed to assignor;
  • Assignment: Sets out that the debt, along with its advantages and benefits, is assigned to the assignee and the amount assignee will pay for the debt assignment;
  • Signatures: Both parties must sign this assignment in the presence of witnesses.

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This attorney-prepared packet contains:
  1. General Instructions
  2. Assignment of Debt - Absolute
State Law Compliance: This form complies with the laws of all states
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Assignment of Debt (Absolute)

 

 

THIS ASSIGNMENT dated [Date (ie. July 31, 2002)]
BETWEEN:
[NAME OF ASSIGNOR]
(the "Assignor")
-and-
[NAME OF ASSIGNEE]
(the "Assignee")
WHEREAS:
(A)   [Name of Debtor (the person who owes the Debt)] (the "Debtor") is indebted to the Assignor in the sum of $[Amount of Debt (ie. $25,000)] (the "Debt"); and
(B)   The Assignor wishes to assign to the Assignee, and the Assignee wishes to receive an assignment of the Debt;
NOW THEREFORE in consideration of the recitals, the mutual covenants hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
1.   The Assignor hereby assigns, transfers and sets over unto the Assignee the Debt together with all advantage and benefit to be derived therefrom.
2.   As consideration for the assignment, the Assignee agrees to pay to the Assignor, concurrently with the execution of this Agreement, the sum of $[Amount of money to be paid for Assignment of Debt (ie. $20,000)].
3.   The Assignor hereby acknowledges, covenants and agrees that the Debt is justly and truly owing by the Debtor to the Assignor.
4.   The Assignor covenants and agrees with the Assignee that at the request of the Assignee, the Assignor shall assign to the Assignee all its or his right, title and interest in any security in respect of the Debt assigned by this Assignment, and the same shall be deemed security granted by the Assignor to the Assignee.
5.   The Assignor acknowledges and agrees that all its or his rights in respect of the Debt have been assigned to the Assignee but that the acceptance by the Assignee of this Assignment shall not impose upon the Assignee any obligation to take any steps to effect the collection of same or to ensure that the Debt does not become statute barred by the operation of any law relating to limitation of actions, or otherwise.
IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first above written.
 
 
 
 
Witness
 
[NAME OF ASSIGNOR]
 
 
 
 
Witness
 
[NAME OF ASSIGNEE]
 
Number of Pages4
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28821
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