Assignment of Specific Accounts as Security

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This Assignment of Specific Accounts as Security will successfully assign a party's specific accounts and book debts to another party. This assignment sets out the party to whom the accounts are assigned as security and detailed information regarding the assigned accounts (such as amount of the account and its payment terms).

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This Assignment of Specific Accounts as Security will assign a party’s specific accounts and book debts to another party (the “Assignee”). In this Assignment the party making the assignment (the “Assignor”) assigns all amounts due under these specific accounts to the assignee as general and continuing collateral security for all existing or future indebtedness owed by Assignor. This Assignment sets out the specific terms of the arrangement including a detailed list of assigned accounts. It is imperative that this type of transaction be clearly set out in writing. A written Assignment of Specific Accounts as Security will be important if there are disputes or misunderstandings between the parties regarding the security.

This Assignment of Specific Accounts as Security contains the following provisions:
  • Assignor: Sets out the name of the person receiving the assignment;
  • Accounts: Schedule A to this assignment sets out the specific accounts including the date of the account, name, address and phone number of account payer, amount owed and terms of payment;
  • Other Documents: The Assignor shall at the request of the Assignee execute any and all other financial documents necessary to effect this assignment;
  • Signature: The Assignor must date and sign this document in the presence of a witness.

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This attorney-prepared packet includes:
  1. General Instructions
  2. Assignment of Specific Accounts as Security
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 Specific Accounts as Security

 

 

 
FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, the undersigned hereby assigns and transfers to Name of Person Receiving Assignment (Assignee) (the "Assignee") the accounts and book debts specifically referred to in Schedule "A" hereto (collectively the "Assigned Accounts") as a general and continuing collateral security for payment of all existing and future indebtedness and liability of the undersigned to the Assignee wheresoever and howsoever incurred and any ultimate unpaid balance thereof, and as a first and prior claim upon the Assigned Accounts. The undersigned further agrees as follows:
 
1.   The Assignee may collect, realize, sell or otherwise deal with the Assigned Accounts or any part thereof in such manner, upon such terms and conditions and at such time or times as may seem to it advisable and without notice to the undersigned (except as otherwise required by any applicable law), and may charge on its own behalf and pay to others reasonable sums for expenses incurred and for services rendered (expressly including legal advice and services) in or in connection with collecting, realizing, selling or obtaining payment of the Assigned Accounts and may add the amount of such sums to the indebtedness of the undersigned.
 
2.   The Assignee shall not be liable or accountable for any failure to collect, realize, sell or obtain payment of the Assigned Accounts or any part thereof and shall not be bound to institute proceedings for the purpose of collecting, realizing or obtaining payment of the same or for the purpose of preserving any rights of the Assignee, the undersigned or any other person, firm or corporation in respect of the same.
 
3.   The Assignee may grant extensions of time and other indulgences, take and give up securities, accept compositions, grant releases and discharges and otherwise deal with the undersigned, debtors of the undersigned, sureties and others and with the Assigned Accounts and other securities as the Assignee may see fit without prejudice to the liability of the undersigned or the Assignee's right to hold and realize this security.
 
4.   All moneys collected or received by the undersigned in respect of the Assigned Accounts shall be received as trustee for the Assignee and shall be forthwith paid to the Assignee.
 
5.   All moneys collected or received by the Assignee in respect of the Assigned Accounts (whether by virtue of paragraph 4 or otherwise) may be applied on account of such parts of the indebtedness and liability of the undersigned as to the Assignee seems best or in the discretion of the Assignee may be released to the undersigned, all without prejudice to the Assignee's claims upon the undersigned.
 
6.   The undersigned shall from time to time forthwith on request furnish to the Assignee in writing all information requested relating to the Assigned Accounts and the Assignee shall be entitled from time to time to inspect the aforesaid securities, bills, notes, books, papers and other documents or take temporary custody thereof and for such purposes the Assignee shall have access to all premises occupied by the undersigned.
1.   
 
 
7.   The undersigned shall from time to time forthwith on the Assignee's request do, make and execute all such financing statements, further assignments, documents, acts, matters and things as may be required by the Assignee of or with respect to the Assigned Accounts or any part thereof or as may be required to give effect to these presents, including, but not limited to obtaining waivers and subordinations of interests in the Assigned Accounts from any persons having a prior claim or interest thereto. The undersigned hereby constitutes and appoints the Assignee the true and lawful attorney of the undersigned irrevocable with full power or substitution to do, make and execute all such statements, assignments, documents, acts, matters or things with the right to use the name of the undersigned whenever and wherever it may be deemed necessary or expedient.
 
8.   The provisions hereof shall enure to the benefit of the successors and assigns of the Assignee and shall be binding upon the respective heirs, executors, administrators, successors and assigns of the undersigned.
 
Date:   Date of Assignment
 
 
 
 
 
 
Witness
 
Name of Person Making Assignment (Assignor)
 
Schedule "A"
List of Assigned Accounts
 
Date of Account
Name of Payor
Address and Tel. No. of Payor
Amount
Terms of Payment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of Pages5
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28613
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 Specific Accounts as Security

 

 

 
FOR VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledged, the undersigned hereby assigns and transfers to Name of Person Receiving Assignment (Assignee) (the "Assignee") the accounts and book debts specifically referred to in Schedule "A" hereto (collectively the "Assigned Accounts") as a general and continuing collateral security for payment of all existing and future indebtedness and liability of the undersigned to the Assignee wheresoever and howsoever incurred and any ultimate unpaid balance thereof, and as a first and prior claim upon the Assigned Accounts. The undersigned further agrees as follows:
 
1.   The Assignee may collect, realize, sell or otherwise deal with the Assigned Accounts or any part thereof in such manner, upon such terms and conditions and at such time or times as may seem to it advisable and without notice to the undersigned (except as otherwise required by any applicable law), and may charge on its own behalf and pay to others reasonable sums for expenses incurred and for services rendered (expressly including legal advice and services) in or in connection with collecting, realizing, selling or obtaining payment of the Assigned Accounts and may add the amount of such sums to the indebtedness of the undersigned.
 
2.   The Assignee shall not be liable or accountable for any failure to collect, realize, sell or obtain payment of the Assigned Accounts or any part thereof and shall not be bound to institute proceedings for the purpose of collecting, realizing or obtaining payment of the same or for the purpose of preserving any rights of the Assignee, the undersigned or any other person, firm or corporation in respect of the same.
 
3.   The Assignee may grant extensions of time and other indulgences, take and give up securities, accept compositions, grant releases and discharges and otherwise deal with the undersigned, debtors of the undersigned, sureties and others and with the Assigned Accounts and other securities as the Assignee may see fit without prejudice to the liability of the undersigned or the Assignee's right to hold and realize this security.
 
4.   All moneys collected or received by the undersigned in respect of the Assigned Accounts shall be received as trustee for the Assignee and shall be forthwith paid to the Assignee.
 
5.   All moneys collected or received by the Assignee in respect of the Assigned Accounts (whether by virtue of paragraph 4 or otherwise) may be applied on account of such parts of the indebtedness and liability of the undersigned as to the Assignee seems best or in the discretion of the Assignee may be released to the undersigned, all without prejudice to the Assignee's claims upon the undersigned.
 
6.   The undersigned shall from time to time forthwith on request furnish to the Assignee in writing all information requested relating to the Assigned Accounts and the Assignee shall be entitled from time to time to inspect the aforesaid securities, bills, notes, books, papers and other documents or take temporary custody thereof and for such purposes the Assignee shall have access to all premises occupied by the undersigned.
1.   
 
 
7.   The undersigned shall from time to time forthwith on the Assignee's request do, make and execute all such financing statements, further assignments, documents, acts, matters and things as may be required by the Assignee of or with respect to the Assigned Accounts or any part thereof or as may be required to give effect to these presents, including, but not limited to obtaining waivers and subordinations of interests in the Assigned Accounts from any persons having a prior claim or interest thereto. The undersigned hereby constitutes and appoints the Assignee the true and lawful attorney of the undersigned irrevocable with full power or substitution to do, make and execute all such statements, assignments, documents, acts, matters or things with the right to use the name of the undersigned whenever and wherever it may be deemed necessary or expedient.
 
8.   The provisions hereof shall enure to the benefit of the successors and assigns of the Assignee and shall be binding upon the respective heirs, executors, administrators, successors and assigns of the undersigned.
 
Date:   Date of Assignment
 
 
 
 
 
 
Witness
 
Name of Person Making Assignment (Assignor)
 
Schedule "A"
List of Assigned Accounts
 
Date of Account
Name of Payor
Address and Tel. No. of Payor
Amount
Terms of Payment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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