Deed of Assignment of Business Debts
This deed of assignment made the …………… day of ………, between AB of, etc. (hereinafter called the assignor), of the one part, and CD of, etc. (hereinafter called 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 indebted to him in respect of the several sums of money written 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 Rupees ……… now paid to the assignor by the assignee (the receipt of which sum the assignor hereby acknowledges), the said AB, as beneficial owner, do hereby grant, transfer, sell and assign unto and to the use of the said CD all the several said debts, and/or sums of money specified in the said schedule which are now lawfully due and owing to the assignor together with all interest due thereon and all benefits of the security or securities held on account therefor, if any, to have and to receive and appropriate 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 do hereby covenant with the assignee that all several debts are lawfully due and payable to him and further that the parties by whom they are payable are alive and not insolvent, and furthermore that he has not entered into any compromise agreement or arrangement with any of them nor committed himself in any way as to any time, indulgence or concession nor written off any of them with a view to exonerate any of them from all liability on that account. And that the assignor shall at all times hereafter co-operate with the assignee and do, execute and perform all such further and other acts, deeds, things or writings as may be reasonably required for realisation of the said debts and/or further and better and more effectively transferring and/or assuring them or any of them unto and in favour of the assignee as may be reasonably required.
Schedule above referred to
|Name and address
of the debtor
In witness whereof the parties herein have executed these presents on the day, month and year first above-written.
Signed, sealed and delivered by AB the assignor in the presence of:
Signed, sealed and delivered by CD the assignee in the presence of: