Deed of Assignment of Business Debts

Deed of Assignment of Business Debts

This deed of assignment is made this ………… day of ……… between AB son of ………… residing at ……… (hereinafter referred to as the assignor which term shall include his heirs and legal representatives) of the one part and CD son of ………… residing at …………… (hereinafter referred to as the assignee) of the other part.

Whereas the assignor has for some time past carried on the trade or business of, etc., at, etc., in the course whereof the several persons whose names, addresses and occupations are mentioned in the schedule hereunder written, have become lawfully debtors to him and so for the several sums of money set opposite to their respective names, and whereas the assignor has contracted with the assignee for the absolute sale to him of the said business debts at and for the sum of Rs. ……… Now this deed witnesses that in consideration of the sum of Rs. ………… now paid to the assignor by the assignee (the receipt of which sum the assignor hereby acknowledges), the said AB, as beneficial owner, does hereby transfer, sell and assign unto and to the use of the said CD all the several said debts, and sums of money specified in the said schedule which are now due and owing to the assignor to have and to receive them for his absolute use and benefit with absolute power, authority and liberty to enforce payment thereof by suit or otherwise and that the assignor does hereby covenant with the assignee that all the several debts are lawfully due to him and the parties by whom they are payable are alive and, further, that he has not entered into any arrangement with any of them and that the assignor shall at all times hereafter do, execute and perform all such and other acts, deeds, things or writing as may be reasonably required for further and better transferring and/or assuring them or any of them.

Schedule above referred to

Signed, sealed and delivered, etc.                                                           AB