944 CONVEYANCING, DRAFTING & DEEDS [Ch. 31
lading, delivery order, warrant for goods or other mercantile document of title to goods or of a policy of insurance, or of securities of the Central Government. Transfer of lease by way of assignment and not by way of under-lease is governed by Article 63 of the Stamp Act. Assignments involving transfer of movable or immovable property are liable to stamp duty as ?Conveyance? under Article 23 of Stamp Act. But assignment of copyright is exempted from stamp duty under the said Article. Assignment of Goodwill of a business as a going concern is an intangible property and is chargeable to stamp duty as a conveyance under Article 23?
Eastern National Omnibus Co. v Inland Revenue Commissioners 1939 KB 161. Leasehold interest is a tangible immovable property and it is chargeable under Art. 35(a) (1) as a bond.
21. Registration.?Assignments are not compulsorily registrable. But where assignments involved transfer of immovable property of value of Rs. 100 or more the documents require registration.
Where registration is required, the document must be attested by two.
WITNESSES.
FORMS
I. ASSIGNMENT OF DEBTS
Assignment of simple contract debts THIS ASSIGNMENT made the…………… day of……………. BETWEEN A.B. of etc. (hereinafter called ?the Vendor?) of the one part and C.D. of etc. (?the Purchaser?) of the other part.
WHEREAS: The several persons, firms and companies described in the first column of the schedule hereto are indebted to the Vendor in respect of the matters mentioned in the second column thereof in the several sums set opposite their respective names in the third column thereof.
(1) The Vendor has agreed with the Purchaser for the absolute sale to him of the said debts for the sum of Rs………….
NOW THIS DEED made in pursuance of the said agreement and in consideration of the sum of Rs………….. paid by the Purchaser to the Vendor (the receipt of which sum the Vendor hereby acknowledges).
Witnesses as follows:
1. The Vendor as beneficial owner HEREBY ASSIGNS unto the Purchaser ALLthe several debts and sums of money specified in the third column of the schedule hereto due and owing to the Vendor from the several persons, firms and companies mentioned in the first column thereof in respect of the matters mentioned in the second column thereof TO HOLD unto the Purchaser absolutely.
2. The Vendor hereby covenants with the Purchaser that the several debts and sums of money hereby assigned are still due and owing in full to the Vendor from the several persons, firms and companies aforesaid.
IN WITNESS, etc.
THE SCHEDULE
Name, etc. of Debtor Particulars of Debt Amount of Debt
[Signatures of the parties]
2
Assignment of a simple contract debt: variations where the particulars of the debt are set out in a schedule THIS DEED OF ASSIGNMENT is made the…………… day of…………. BETWEEN [assignor] of [address, etc.] (hereinafter called the vendor) of the one part and [assignee] of [address, etc.] (hereinafter called the purchaser) of the other part. WHEREAS [debtor] of [address, etc.] is indebted to the vendor in the sum of Rs… for [state how the debt arises] [or (the particulars of which debt are set out in the schedule hereto)] and the vendor has agreed with the purchaser for the absolute sale to him of such debt at the price of Rs….
NOW THIS DEED WITNESSETH that in consideration of Rs………… paid by the purchaser to the vendor (the receipt whereof is hereby acknowledged) the vendor as beneficial owner assigns to the purchaser all that the said debt or sum of Rs…. due and owing to the vendor by the said [debtor] as aforesaid [(the particulars of which debt are set out in the schedule hereto)] and all interest due and to become due for the same and the full benefit and advantage thereof TO HOLD the same unto the purchaser absolutely. And the vendor covenants with the purchaser that the said debt or sum of Rs… is still due and owing in full to the vendor from the said [debtor].
IN WITNESS, etc.
SCHEDULE
[Particulars of debt]
[Signature and seal of assignor]
Ch. 31] ASSIGNMENT OF DEBTS?FORMS 945 G : CDD (Vol. 2) ? 60946 CONVEYANCING, DRAFTING & DEEDS [Ch. 31
Assignment of loan monies due from a company as security for liabilities of company to bank
To……………….. Bank Limited. In consideration of your granting [or continuing to grant] banking facilities to [company] having its registered office at…. (hereinafter called the company) I, the undersigned hereby assign to you by way of continuing security for all liabilities absolute or contingent at any time outstanding of the company to you
(i) the sum of Rs………… at present owing by the company to me
(ii) all future monies that may be owing by the company to me and I agree that you may at any time determine, enlarge or vary any credit to the company or vary release or exchange any other security at any time held by you for the liabilities of the company and I hereby authorise you at any time during the continuance of this security to enter into any compromise in respect of or to compound in such way as you may think fit the liability of the company to me hereinbefore described and I hereby authorise you to vote in respect of the said liability at any meeting of the creditors of the company and to prove therefor on my behalf whether or not the company is in liquidation.
Date the……………. day of…………………
[Signature of assignor]
4
Assignment of book debts in consideration of assignor?s debt to assignee THIS DEED OF ASSIGNMENT is made the…………… day of……….. BETWEEN [assignor] of [address, etc.] (hereinafter called the assignor) of the one part and [assignee] of [address, etc.] (hereinafter called the transferee) of the other part. WHEREAS:
(1) The assignor has for some time past carried on the business of…………. at………… aforesaid and in connection with such business the several persons whose names are set out in the first column of the schedule hereto have become and now are indebted to him in the several sums set opposite to their respective names in the second column of such schedule.
(2) The assignor is indebted to the transferee in the sum of Rs………. and the transferee having requested payment thereof the parties hereto have agreed that the assignor shall assign the above-mentioned debts to the transferee in satisfaction of the said sum of Rs………….
NOW THIS DEED WITNESSETH that in consideration of the sum of Rs……… so due and owing from the assignor to the transferee and from which sum ofRs…….. the transferee as beneficial owner hereby releases the assignor, the assignor as beneficial owner hereby assigns unto the transferee all the several debts or sums of money specified in the second column of the schedule hereto due and owing to the assignor as aforesaid from the several persons whose names are set opposite to such respective sums in the first column of such schedule and the benefit of all securities for the same and all interest if any due and to become due for the same TO HOLD the same unto the transferee absolutely. AND the assignor covenants with the transferee that the several debts hereby assigned are still due and owing in full to the assignor from the several persons named in the said schedule. IN WITNESS, etc.
SCHEDULE
Name of Debtor Amount of Debt [Signatures of assignor and assignee]
5
Assignment for value of part of a debt payable to the assignor THIS DEED OF ASSIGNMENT is made the…………. day of…………. BETWEEN [assignor] of [address, etc.] (hereinafter called the assignor) of the one part and
[assignee] of [address, etc.] (hereinafter called the transferee) of the other part.
WHEREAS:
(1) Under the terms of a contract dated the…………… day of………… and made between [third party] of the one part and the assignor of the other part (being a contract for the execution by the assignor of certain works [or as the case maybe]) a total sum of Rs………… (hereinafter called the contract sum) is now payable by the said [third party] to the assignor.
(2) The assignor is indebted to the transferee in the sum of Rs………. (hereinafter called the assignor?s debt) now payable [for goods supplied by the transferee to the assignor].
(3) The parties hereto have agreed that the assignor shall assign to the transferee Rs……….. out of the contract sum in satisfaction of the assignor?s debt. [Or The parties have agreed that in consideration of the covenant hereinafter contained on the part of the transferee to forbear from suing for the assignor? debt the assignor shall assign to the transferee Rs………. out of the contract sum]. Ch. 31] ASSIGNMENT OF DEBTS?FORMS 947948 CONVEYANCING, DRAFTING & DEEDS [Ch. 31
NOW THIS DEED WITNESSETH as follows:
1. In consideration of the release hereinafter contained by the transferee of the assignor?s debt [or In consideration of covenant hereinafter contained on the part of the transferee to forbear from suing for the assignor?s debt].
(1) The assignor as beneficial owner hereby assigns to the transferee the sum of Rs……….. out of the contract sum. TO HOLD the same unto the transferee absolutely.
(2) The assignor covenants with the transferee that the contract sum is still due and payable to the assignor from the said [third party].
(3) It is hereby agreed that the receipt of the transferee shall be a good discharge to the said [third party] for the said sum of Rs……. hereby assigned or any part thereof.
[Or If and so far as is necessary for the purposes of this assignment the assignor hereby appoints the transferee the attorney of the assignor to demand sue for recover receive and give effectual discharge for the said sum of Rs……… hereby assigned or any part thereof].
2. In consideration of the assignment hereinbefore contained and of the premises the transferee hereby releases the assignor from the assignor?s debt. [Or In consideration of the assignment hereinbefore contained and of the premises the transferee hereby covenants with the assignor that provided that the assignor shall continue to perform his obligations under the said contract and his employment thereunder shall continue in force the transferee will not before the………. day of……… take any legal proceedings against the assignor (otherwise than for the purpose of carrying into effect the terms of this deed) to enforce payment of the assignor?s debt by the assignor to the transferee and hereby agrees that all sums which may be paid hereunder by the said [third party] to the transferee shall be appropriated towards the reduction and satisfaction of the assignors debt.]
IN WITNESS, etc.
[Signatures and seals of assignor and assignee]
Assignment of existing and future book debts THIS AGREEMENT is made the…………… day of………….. BETWEEN [assignor company] having its registered office at [address] (hereinafter called the assignors) of the one part and [finance company] having its registered office at [address] (hereinafter called the purchasers) of the other part.
WHEREBY IT IS AGREED as follows:
1. Subject to the provisions for earlier determination and as to the effect of determination hereinafter contained this agreement shall remain in force for [oneyear] from the date hereof and thereafter unless and until determined by [three months?] notice in writing given by either party to the other.
2. (1) In this agreement the following terms bear the meanings hereinafter set out:
(i) ?Accounting days? means the first day and the fifteenth day in each month;
(ii) ?Approved limit of a customer?s indebtedness? means the sum set out against the name of the customer in the list of approved customers (as hereinafter defined) as representing the maximum amount of debts at any one time outstanding in respect of the customer which the purchasers have undertaken to purchase under this agreement;
(iii) Approved customer? means any customer whose name is for the time being included in the list of approved customers as hereinafter defined;
(iv) ?Contract? in relation to a debt means the document or documents under which the debt arises or which evidences or evidence the existence of the debt;
(v) Customer? means any person, partnership or corporation having his or its principal place of business in India to whom the assignors in the ordinary course of their business as [state nature of business] have contracted or shall during the term of this agreement contract to supply goods for payment other than immediate cash payment;
(vi) Debt? means in respect of any contract for the supply of goods the net sum to be paid by a customer to the assignors including sales tax but excluding any discount or commission which under the terms of the contract the customer may be entitled to deduct or to have allowed to him;
(vii) List of approved customers? means the list dated………. of customers approved by the purchasers (a copy of which list has been signed on behalf of the assignors and the purchasers and is annexed hereto) or that list as amended or substituted from time to time by agreement in writing between the parties hereto;
(viii) Purchased debt? means a debt purchased by the purchasers from the assignors under this agreement;
(ix) ?Total amount outstanding of purchased debts? means the total amount for the time being unpaid of purchased debts.
(2) If by the terms of this agreement any act would be required to be performed on or within a period ending on a [Saturday or] Sunday or any day which is a bank holiday the act shall be deemed to have been duly performed if performed on the next business day after that day.
3. The assignors shall sell and the purchasers shall purchase upon the terms and conditions hereinafter set out the debts which during the continuance in force of this agreement become owing to the assignors from approved customers in Ch. 31] ASSIGNMENT OF DEBTS?FORMS 949950 CONVEYANCING, DRAFTING & DEEDS [Ch. 31 respect of goods supplied or contracted to be supplied to such customers PROVIDED that the purchasers shall not be bound to purchase any debt if the purchase would have the effect of
(i) increasing the total amount outstanding of purchased debts above the agreed limit of Rs……… or such other limit as may from time to time be agreed in writing between the parties hereto or
(ii) causing the approved limit of a customer?s indebtedness to be exceeded.
4. (1) The assignors shall at [weekly] intervals submit to the purchasers a list of debts of approved customers which the assignors desire to sell to the purchasers. Every such list shall be in a form required by the purchasers and shall contain such details as the purchasers shall require.
(2) Subject as provided in sub-clause (3) of this clause the debts included in any such list shall be deemed to be purchased by the purchasers on the day on which the list is delivered to the purchasers at their registered office and as from that day all rights of the assignors in respect of every debt so included and all remedies for enforcing the same including any rights of lien stoppage in transit or other rights arising in favour of the assignors unpaid sellers in relation to any goods in respect of which the debt has been contracted shall be deemed to have been equitably assigned to the purchasers by the assignors.
(3) If the purchase by the purchasers of all the debts included in any such list would cause the agreed limit upon the total amount outstanding of purchased debts or the approval limit of a customer?s indebtedness to be exceeded, there shall be excluded from purchase under sub-clause (2) of the clause so many of the debts included in the list or of the debts of that customer included therein as may be necessary to prevent the limit being exceeded. For this purpose the debt or the debt of that customer (if more than one debt of the customer is included in the list) which is latest in order in the list shall be the first to be excluded from purchase and then so far as may be necessary the next latest debt and so on through the list until the amount of debts remaining to be purchased is such as will not cause the limit to be exceeded.
(4) The purchasers shall within [three] days of delivery to them of a list of approved customers send to the assignors notice in writing of any debts excluded from purchase in accordance with sub-clause (3) of this clause. Debts so excluded may be included by the assignors in the next or any subsequent list.
5. The assignors hereby warrant?
(a) that every contract entered into by the assignors with customers under which a debt offered for sale to the purchasers may arise shall fulfil all statutory or other requirements for its validity or enforceability;
(b) that at the time of offer of any debt for sale to the purchasers?
(i) the debt shall be a bona fide debt owing or to become owing from a customer.
(ii) the assignors shall not have assigned or charged the debt in favour of any third party;(iii) the customer from whom the debt is or will become owing shall not have sought to repudiate or rescind the contract;
(iv) the customer shall not have acquired any right of set off or counterclaim available against the assignors in respect of the debt;
(v) the assignors shall not have agreed with the customer for any extension of the contractual time for payment of the debt or for any waiver or modification of the terms of the contract;
(c) that the particulars included in every list of debts submitted by the assignors for sale to the purchasers shall be correct.
6. The purchase price for every purchased debt shall be a sum (being a percentage of that debt) calculated in accordance with the schedule hereto and the purchasers shall in the manner hereinafter provided account to the assignors for the purchase price on the accounting day next after the day on which the debt is deemed in accordance with clause 4(2) hereof to have been purchased.
7. Subject to the provisions of clause 8 hereof the assignors shall as agents for the purchasers but at the expense of the assignors collect and take all such action as the purchasers may reasonably require to enforce the payment of all debts purchased and shall hold as trustees for the purchasers all payments received in respect of such debts and shall account for the same on the accounting days in the manner hereinafter provided.
8. If the purchasers shall by notice in writing given to the assignors so require in relation to any purchased debt the assignors shall at the assignors? own cost?
(a) give to the customer whose debt has been purchased a notice in a form approved by the purchasers that the debt has been assigned to the purchasers;
(b) execute a legal assignment of the debt to the purchasers or at the option of the purchasers execute an irrevocable power-of-attorney in favour of the purchasers to demand, sue for, recover, receive and give an effectual discharge for the debt in the name of the assignors;
(c) afford to the purchasers all such assistance as may be necessary to enable the purchasers to recover the debt.
9. The assignors shall pay to the purchasers and keep the purchasers indemnified against all costs, charges and expenses which the purchasers may incur in enforcing or seeking to enforce the payment of purchased debts including the purchaser?s costs of any steps or proeedings taken by the purchasers in the name of the assignors or in which the purchasers may be joined. All sums which the assignors may be liable under this clause to pay to the purchasers shall be accounted for by the assignors in the manner hereinafter provided on the next accounting day after notice in writing by the purchasers demanding payment of the same shall have been received by the assignors.
10. The assignors hereby covenant with the purchasers?
(a) that the assignors will duly observe and perform all obligations to be Ch. 31] ASSIGNMENT OF DEBTS?FORMS 951952 CONVEYANCING, DRAFTING & DEEDS [Ch. 31 observed and terms to be performed by the assignors under any contract with a customer under which a purchased debt may arise and in particular all obligations and terms as to the nature quality and date of delivery of goods contracted to be supplied by the assignors to a customer;
(b) that the assignors will keep correct copies of all documents relating to transactions between the assignors and their customers concerning purchased debts and will keep proper accounts relating to the same and will permit the purchasers and their agents to inspect such documents and accounts.
(c) that the assignors will not execute any assignment or charge or purported assignment or charge of any purchased debt in favour of any third party.
11. If any customer whose debt has been purchased shall for any reason fail duly to pay the debt or any part thereof by the date required by the contract between the assignors and the customer or shall before that date claim that any facts whatsoever exist which may excuse him from payment of the debt or any part thereof on that date or which may give him a right of set-off in respect of the debt or counter claim which may be available against the assignors or the purchasers, then the assignors?
(a) shall if and as soon as they become aware of the failure or the claim give notice in writing to the purchasers of the failure or the claim as the case may be; and
(b) shall be liable to pay to the purchasers the full amount of the debt or of the part of the debt remaining unpaid and shall if the purchasers so require account to the purchasers for the same in accordance with the provisions hereinafter contained on the next accounting day after notice in writing of such requirement shall have been received by the assignors.
PROVIDED ALWAYS
(i) that if the assignors shall under the provisions of this clause become liable to pay to the purchasers the amount of any debt or any part of a debt before the same would have been payable to the assignors by the customer under the terms of the contract between the assignors and the customer under which the debt arises the assignors shall account to the purchasers for such only as would have been payable by the purchasers to the assignors under this agreement if the purchasers had purchased that debt or part of a debt at the date at which the assignors are liable to account for it; and
(ii) that when the assignors under the provisions of this sub-clause account to the purchasers for any debt or the part of any debt remaining unpaid by a customer all rights in respect of the debt or the part of the debt and all remedies for enforcing the samewhich may have been assigned to the purchasers shall be deemed to be equitably re-assigned by the purchasers to the assignors and if the debt has been legally assigned to the purchasers under the provisions hereinbefore contained the purchasers shall if so required by notice in writing by the assignors and at the expense of the assignors execute a legal re-assignment to the assignors of the debt or so much of the debt as was unpaid when the assignors accounted for the same.
12. If at any time there shall be owing to the assignors from any customer both a debt or debts purchased by the purchasers under the terms of this agreement and a debt or debts not so purchased any payment made by the customer in respect of the debts and not appropriated by him to any specific debt or debts shall be appropriated primarily to the debt or debts so purchased so far as may be necessary to satisfy so much of the said amount as may be payable and unpaid at the date when the payment by the customer is made.
13. The assignors and the purchasers shall each keep proper accounts of all transactions between them in pursuance of this agreement. On each accounting day any sums for which the purchasers are liable to account to the assignors by virtue of the provisions hereinbefore contained shall be credited in such accounts to the assignors and any sums for which the assignors are liable to account to the purchasers by virtue of the provisions hereinbefore contained shall be credited to the purchasers and the sums so credited in favour of the assignors and the purchasers respectively shall be set against one another and the balance paid to the party in whose favour it exists by the other party within seven days of the accounting date.
14. The waiver by either party of any breach of any term of this agreement by the other party shall not prevent the subsequent enforcement of that term and shall not be deemed a waiver of any subsequent breach.
15. Neither party shall be entitled to assign or charge any right or assign any obligation under this agreement without the consent in writing of the other party.
16. If at any time during the continuance in force of this agreement the assignors shall?
(a) commit any breach of the terms of this agreement; or
(b) make a composition or arrangement with their creditors or have a winding up order made against them or (except for purposes of reconstruction) pass a resolution for voluntary winding up or have a receiver or manager of their business or undertaking appointed or possession taken of any of their property by or on behalf of the holders of any debentures secured by a floating charge on such property or have any distress or execution whether legal or equitable levied against any of their property; or
(c) purport to assign or charge any right or to assign any obligation under this agreement without the written consent of the purchasers; the purchasers shall be entitled to determine this agreement forthwith by notice in writing to the assignors. Ch. 31] ASSIGNMENT OF DEBTS?FORMS 953954 CONVEYANCING, DRAFTING & DEEDS [Ch. 31
17. The termination of this agreement under clause 1 or clause 16 hereof shall not affect any rights or obligations of the parties hereto in relation to any debt purchased prior to such termination and the provisions of this agreement shall continue to bind the parties so far as and so long as may be necessary to give effect to such rights and obligations.
18. Any notice required or authorised to be given to either party by any provision hereof shall be sufficiently given if forwarded by registered post recorded delivery service telex or telegraph to that party at that party?s registered office and such a notice shall be deemed to be a notice in writing if forwarded by any such means.
19. Any dispute under or arising out of this agreement between the parties hereto shall be referred to a single arbitrator to be agreed upon by the parties hereto or in default of agreement to be nominated by [name or description of appointor] in accordance with and subject to the provisions of the Arbitration Act, 1940 or any statutory modification or re-enactment thereof for the time being in force.
IN WITNESS, etc.
SCHEDULE
[Method of calculating purchase price of purchased debts which is to be a percentage of the purchased debts, e.g. by reference to the bank rate ruling at the date of purchase and the length of the period between that date and the due date of payment by the customer]. [Seals of assignors and purchasers] Assignment of a number of debts upon trust to collect and out of proceeds pay sum due to assignee, and pay surplus to assignor THIS DEED OF ASSIGNMENT is made the…………. day of……….. BETWEEN [assignor] of [address, etc.] (hereinafter called the assignor) of the one part and [assignee] of [address, etc.] (hereinafter called the transferee) of the other part.
WHEREAS:
(1) The assignor is indebted to the transferee in the sum of Rs………..
(2) The assignor is entitled to the several debts the particulars whereof are specified in the schedule hereto and he has agreed to assign them to the transferee upon the trusts hereinafter declared. NOW THIS DEED made in consideration of the premises WITNESSETH as
follows:
1. The assignor as beneficial owner hereby assigns unto the transferee allthe several debts or sums of money specified in the second column of the schedule hereto which are owing to the assignor from the several persons whose names are respectively set opposite to the sums in the first column of such schedule and all other sums (if any) due and owing to the assignor from the said several persons and the benefit of all securities for such sums and all interest (if any) due and to become due for the said sums respectively TO HOLD the same unto the transferee absolutely upon the trusts hereinafter declared concerning the same.
2. The transferee shall hold the said debts, securities and interest upon trust to call in collect and compel payment thereof an out of the monies to be so realised in the first place to pay the costs, charges and expenses incurred in realisation together with the costs of this deed [amounting to Rs………] and in the next place to retain and pay to himself the said sum of Rs………. with interest thereon at the rate of………… per cent per annum from the……….. day of………… and to pay the surplus (if any) to the assignor.
IN WITNESS, etc.
SCHEDULE
Name of debtor Amount of debt Rs.
[Signatures and seals of assignor and assignee] Assignment of debts by several creditors of one debtor to a trustee to recover the debts and pay the creditors pro rata THIS DEED OF ASSIGNMENT is made the…………. day of……….. BETWEEN the
several persons whose signatures and seals are set and affixed in the schedule hereto being respectively creditors of [debtor] of [address, etc.] (all of whom are hereinafter called the creditors) of the one part and [trustee] of [address, etc.]
(hereinafter called the trustee) of the other part.
WHEREAS:
(1) The said [debtor] is indebted to the creditors in the sums placed opposite to their respective names in the said schedule hereto.
(2) The parties hereto have agreed that the said several debts shall be assigned to the trustee for the purposes hereinafter appearing. NOW THIS DEED made in consideration of the premises WITNESSETH as follows:
1. Each of the creditors in respect of the debt or sum placed opposite to his Ch. 31] ASSIGNMENT OF DEBTS?FORMS 955956 CONVEYANCING, DRAFTING & DEEDS [Ch. 31 name in the said schedule hereto and as beneficial owner assigns such debt or sum unto the trustee TO HOLD the same unto the trustee absolutely upon the trusts hereinafter declared concerning the same.
2. The trustee shall hold the said several debts and sums upon the trusts and for the purposes following (that is to say) that the trustee shall proceed forthwith to call in collect sue for and recover the debts or sums and upon recovery thereof or of any part thereof shall in the first place pay and retain all costs charges and expenses from time to time incurred in or about the receiving or recovering the same and shall pay and divide the residue amongst the creditors rateably according to the amounts of the debts severally due to them and without any preference or priority.
IN WITNESS, etc.
SCHEDULE
Signature Seal Amount of Debt
[Signature and seal of trustee] Assignment of debt and dividends under an adjudication of Insolvency upon trust for payment of solicitor?s bill of costs THIS DEED OF ASSIGNMENT is made the………. day of……….. BETWEEN [assignor] of [address, etc.] [(hereinafter called the assignor) of the one part and [assignee] of [address, etc.] (hereinafter called the transferee) of the other part. WHEREAS:
(1) The assignor is indebted to the transferee in Rs………. and upwards on the balance of an account for monies advanced and expended and for business done and professional services rendered and for journeys taken for and on behalf of the assignor and in the prosecution of legal proceedings and in managing various matters now in hand on his behalf.
(2) The assignor is not at presentable without considerable inconvenience to pay the amount now due and owing as aforesaid from him to the transferee and it will not be in his power for some time to come to discharge the expenses incidental to the proceedings already commenced and others which are now about to be instituted on his behalf by the transferee.
(3) The assignor as one of the creditors of [insolvent] of [address, etc.] has proved a debt under an adjudication of insolvency against the said insolvent to the amount of Rs…….. on which no dividend has as yet been paid.
(4) The assignor has agreed to assign to the transferee the said debt provedby him against the estate of the said insolvent and all dividends which may be due or become payable on account thereof upon the trusts and in manner hereinafter mentioned.
NOW THIS DEED made in consideration of the premises WITNESSETH as follows:
1. The assignor as beneficial owner assigns unto the transferee all that the said debt due and owing to the assignor from the said insolvent and proved under the adjudication of insolvency against the said insolvent as hereinbefore mentioned and also every dividend and sum of money which may be declared or become due and payable on account thereof TO HOLD the same unto the transferee absolutely upon the trusts and for the purposes hereinafter declared concerning the same.
2. The transferee shall hold the said debt due and owing from the said insolvent and shall receive and stand possessed of every dividend and sum of money which he may receive on account of the said debt upon trust:
(a) Thereout to retain and reimburse himself all such costs, charges and expenses whatsoever as he may from time to time incur in or about the execution of the trusts hereof and also the said debt or sum of Rs…. now due and owing as aforesaid to the transferee from the assignor together with interest for the same at the rate of……… per cent per annum from the date hereof.
(b) In the next place in like manner to retain and reimburse himself the full amount of all costs, payments, charges and expenses which the transferee may from time to time incur or which may become due and owing to him for any business to be done on account of the assignor, (c) When and so soon as all such sums of money shall have been fully paid off and discharged to pay over to the assignor the residue of the monies which shall hereafter be received by him by virtue to this deed.
IN WITNESS, etc.
[Signatures of assignor and assignee]
10
Assignment of a judgment debt THIS DEED OF ASSIGNMENT is made the………… day of…………. BETWEEN [assignor] of [address, etc.] (hereinafter called the assignor) of the one part and
[assignee] of [address, etc.] (hereinafter called the transferee) of the other part.
WHEREAS:
(1) By a judgment dated the………… day of………. in an action in the High Court at Calcutta in the [Case No…….. etc.] on which the assignor was the plaintiff and [defendant] of [address] was defendant it was adjudged that the plaintiff recover against the defendant the sum of Rs…….. and costs to be taxed.Ch. 31] ASSIGNMENT OF DEBTS?FORMS 957958 CONVEYANCING, DRAFTING & DEEDS [Ch. 31
(2) The said costs have been taxed and amount of Rs….
(3) The said judgment debt of Rs……… with interest and costs is still owing
to the assignor.
(4) The transferee has agreed to pay to the assignor the sum of Rs…. upon having an assignment of the said judgement debt interest and costs in manner hereinafter expressed.
NOW THIS DEED WITNESSETH that in consideration of the sum of Rs……. to the assignor paid by the transferee (the receipt whereof the assignor acknowledges) the assignor as beneficial owner assigns unto the transferee all them benefit and advantage of the said judgement together with the said judgment debt of Rs……… and interest thereon and the said sum of Rs……… due for costs and all other monies recoverable under the said judgement TO HOLD the same unto the transferee absolutely.
And the assignor covenants with the transferee that the said judgment is in full force and effect and that the whole of the said sum of Rs……… with interest thereon and costs remain owing thereunder.
IN WITNESS, etc.
[Signatures of assignor and assignee]
11
Assignment of bond debt
THIS DEED OF ASSIGNMENT is made the……… day of………… BETWEEN [assignor] of [address, etc.] [(hereinafter called the assignor) of the one part and [assignee] of [address, etc.] (hereinafter called the transferee) of the other part.
WHEREAS:
(1) [Obligor] of [address, etc.] by a bond or obligation under his hand and seal dated the……….. day of…………. become bound to the assignor is the penal sum of Rs… with a condition thereunder written that such bond should be void on payment by the said [obligor] to the assignor of the sum of Rs.. with interest for the same at the rate of……….. per cent per annum at the times and in manner therein mentioned.
(2) The said sum of Rs……… with interest thereon from the……… day of remains owing to the assignor on the security of the said bond.
(3) The transferee has agreed to pay to the assignor the sum of Rs……… upon having an assignment of the said bond and all principal and interest due and to become due thereon in manner hereinafter expressed.
NOW THIS DEED WITNESSETH that in consideration of the sum of Rs……… paid to the assignor by the transferee (the receipt whereof the assignor acknowledges) the assignor as beneficial owner assigns unto the transferee all that the said bond or obligation together with the said principal sum of Rs………thereby secured and all interest now due and henceforth to become due for the same and all other monies hereafter to become payable by force or virtue thereof and the full benefit and advantage of the premises TO HOLD the same unto the transferee absolutely. And the assignor hereby covenants with the transferee that the said principal sum of Rs……… and interest are still owing and the said bond is now in full force and valid and effectual.
IN WITNESS, etc.
[Signatures of assignor and assignee]
II. ASSIGNMENT OF LIFE POLICY
1
Assignment of life policy to secure hirer?s liability to indemnify guarantor in respect of payments that guarantor has to make under guarantee of hirer?s obligations under hire-purchase agreement THIS ASSIGNMENT is made the………… day of………… BETWEEN [hirer] of [address, etc.] (hereinafter called the assignor) of the one part and [assignee] of [address, etc.] (hereinafter called the assignee) of the other part.
WHEREAS:
(1) By a hire-purchase agreement dated the………… day of……….. and made between [finance company] (hereinafter called the company) of the one part and the assignor of the other part certain goods were let on hire-purchase to the
assignor upon the terms as to payment and otherwise therein stated.
(2) By a guarantee (hereinafter called the guarantee) dated the………. day of ………… and made between the assignee of the one part and the company of the other part the assignee guaranteed to the company the payment by the assignor of all sums due under the said hire-purchase agreement and the due performance of all the assignor?s obligations thereunder.
(3) By a policy of insurance dated the………… day of…………. and numbered……… issued by [insurance company] the said company in consideration of the annual premiums therein mentioned assured the sum of Rs… to be paid to the nominee or assigns of the assignor upon the death of the assignor at the time and in the manner stated.
(4) In consideration of the assignee refraining from calling upon the assignor to procure the immediate release of the assignee from the said guarantee or otherwise to provide an immediate indemnity to the assignee against his prospective liability under the guarantee the assignor has agreed to assign the said policy of insurance to the assignee in manner hereinafter appearing to Ch. 31] ASSIGNMENT OF LIFE POLICY?FORMS 959960 CONVEYANCING, DRAFTING & DEEDS [Ch. 31 secure the payment of all sums which the assignee shall pay under the guarantee.
NOW THIS DEED WITNESSETH as follows:
1. In pursuance of the said agreement and in consideration of the premises the assignor hereby covenants with the assignee that within………. days after a request in writing by the assignee, the assignor will pay to the assignee all sums for which the assignee shall be actually or prospectively liable under the guarantee together with all monies costs and expenses incurred by the assignee by reason of the said guarantee and will pay interest thereon respectively at the rate of………. per cent per annum from the expiration of the said period of……… days until repayment, such interest to accrue from day to day and to run after as well as before any judgement obtained.
2. In further pursuance of the said agreement and in consideration of the premises the assignor as beneficial owner hereby assigns to the assignee all that the said policy of insurance and monies (including bonuses and profits already accured or hereafter to accrue) which shall become payable thereunder and the benefit of all powers and remedies for enforcing the same TO HOLD the same unto the assignee subject only to the proviso for redemption hereinafter contained: PROVIDED that if the assignor shall pay all monies and interest hereby covenanted to be paid or if the said hire-purchase agreement shall be fully performed and discharged the assignee will re-assign the said policy to the assignor or as he shall direct at the assignor?s expense.
3. The assignor hereby covenants with the assignee as follows:
(1) that the said policy of insurance is valid and that nothing shall be done or suffered to be done whereby the assignee may be prevented from receiving the monies due thereunder or any part thereof:
(2) that the assignor will perform all acts and execute all documents necessary to maintain the said policy in full effect and if for any reason such policy shall be avoided or shall cease to have effect the assignee shall be at liberty to take out a new policy or policies on the life of the assignor for such sum as would have been payable under the original policy if the life had ceased immediately before such policy was avoided or ceased to have effect, such new policy or policies to be effected in the name of the assignee or in such other name or names and with such insurance company as the assignee shall select:
(3) that every such new policy and the monies to be assured thereby shall be subject to this security and to be powers and provisions herein contained or implied by statute and applicable hereto as fully as the said policy hereby charged;
(4) that the assignor will during the continuance of this security punctually pay all premiums necessary for keeping on foot the said policy hereby charged and any such new or substituted policy as aforesaid and will deliver the receipts for every such payment to the assignee on demand;(5) that if the assignor shall at any time make default in paying any of the said sums it shall be lawful for the assignee to pay the same and any sum so paid by the assignee under this clause shall be added to the principal monies for the time being owing on this security and shall bear interest accordingly at the rate aforesaid from the time or times of payment;
(6) that in the event of assignor committing any breach of the said hire purchase agreement or of the assignor?s covenants contained in this deed it shall be lawful for the assignee forthwith and without notice to the assignor to sell exchange or surrender the said policy or any such new policy and to exercise all the other powers of the assignee as mortgagee whether statutory or otherwise. The proceeds of any such sale or surrender shall after deduction of the costs and expenses thereof, be applied as follows:
(a) in payment to the assignee of all sums payable to the assignee under sub-clause (5) of this clause;
(b) in payment to the assignee of all sums for which the assignee shall be actually or prospectively liable under the guarantee and all costs and expenses incurred by the assignee by reason of the guarantee (and upon the said payment being made the assignee shall pay to the person entitled to enforce the hire-purchase agreement against the assignor such part of the said payment as shall be necessary to procure the discharge of the assignee from liability under the said guarantee and shall return the residue to the assignor);
(c) in payment of the balance to the assignor. Any policy taken by the assignee in exchange under the provisions of this sub-clause shall be subject to this security and to the powers and provisions herein contained or implied by statute and applicable hereto as fully as the said policy hereby charged.
4. Any notice request or demand required or permitted to be served on the assignor hereunder shall be deemed to have been validly served if sent by ordinary prepaid post to or left at the address of the assignor stated in this deed or to or at the assignor?s present or last known address. Any such notice demand or request sent to the assignor by post shall be conclusively deemed to have been received by the assignor within forty-eight hours after time of posting.
5. In this deed the terms ?the assignor? and ?the assignee? shall unless the context otherwise requires include the persons deriving title under the assignor and assignee respectively.
IN WITNESS, etc.
[Signature and seal of assignor] Ch. 31] ASSIGNMENT OF LIFE POLICY?FORMS 961 G : CDD (Vol. 2) ? 61962 CONVEYANCING, DRAFTING & DEEDS [Ch. 31
Assignment of a policy of life insurance THIS DEED OF ASSIGNMENT is made the………. day of……….. BETWEEN [assignor] of [address, etc.] (hereinafter called the assignor) of the one part and [assignee] of [address, etc.] (hereinafter called the transferee) of the other part.
WHEREAS:
(1) By a policy of insurance issued by the [insurance company] dated the……. day of………… and numbered………… the sum of Rs……… is assured to be paid on the [……….day of………… or on the earlier] death of the assignor subject to the payment of the annual premium of Rs………… [Or The assignor is entitled to the several policies of insurance on the lives of……….. and………… respectively the particulars whereof showing the officers in which and the persons in whose names the same were effected together with the dates and numbers of such policies the amounts assured thereby and the premiums payable are contained in the schedule hereto.]
(2) The assignor has agreed with the transferee for the sale to him of the said policy [of policies] at the price of Rs…………
NOW THIS DEED made in consideration of Rs……… paid by the transferee to the assignor (the receipt whereof the assignor acknowledge) WITNESSETH as follows:
1. The assignor as beneficial owner assigns unto the transferee the said policy [or several policies] of insurance [mentioned in the schedule hereto] and all monies assured by or to become payable under or by virtue thereof and all benefits and advantages thereof TO HOLD the same unto the transferee absolutely subject to the payment of all future premiums thereon.
2. The assignor covenants with the transferee as follows:
(a) That the [or every] policy hereinbefore assigned is now valid and in full force and that the assignor will not do omit or knowingly suffer anything whereby the [or any such] policy may become void or voidable or the transferee or any one claiming title through him be prevented from receiving the monies thereby assured or any bonus or addition thereto;
(b) That if by reason of anything done omitted or knowingly suffered by the assignor the [or any such] policy shall at any time become voidable the assignor will forthwith at his own cost take all such action as shall be necessary for keeping the policy on foot and in particular if any payments over and above the said yearly premium of Rs……… [or the premium specified in relation to the policy in the schedule hereto] shall become payable in order to keep on foot the policy the assignor will punctually make all such additional payments and will indemnify the transferee and all persons claiming title through him against all such payments:
PROVIDED ALWAYS that nothing in this sub-clause contained shall imposeon the assignor any liability to pay the said yearly premium of Rs……..;[or premiums specified in the schedule hereto.
(c) That if by reason of anything done omitted or knowingly suffered by the assignor the [or any such] policy shall at any time become void the assignor at his own cost will forthwith effect a new policy for such sum as would have been payable under the void policy if the assignor had died immediately before that policy became void and will execute an assignment of the new policy to the transferee or other person so entitled and will pay any sums payable by way of premium under the new policy over and above the annual sum of Rs……… [or amount of premium specified in relation to the policy in the schedule hereto] and will keep the transferee and all persons claiming title through him indemnified against all such excess sums.]
IN WITNESS, etc.
SCHEDULE
[Particulars of policies]
[Signatures of assignor and assignee]
3
Assignment of Policy of Life Assurance
[Short form]
THIS DEED OF ASSIGNMENT made the…………. day of……….. BETWEEN A.B. of etc. (?the Vendor?) of the one part and C.D. of etc. (?the Purchaser?) of the other part WITNESSES that IN CONSIDERATION of the sum of Rs……… now paid to the Vendor by the Purchaser (the receipt of which sum the Vendor hereby acknowledges) THE VENDOR as beneficial owner HEREBY ASSIGNS unto the Purchaser ALL THAT policy of assurance in the [Insurance Company] on the life of the [Vendor] dated etc. and numbered………. of the sum of Rs……… [with profits] payable on the death of the [Vendor] [or on the………. day of………… whichever first happens] at the annual premium of Rs……… payable on the……… day of…….. in each year TOGETHER with all moneys assured thereby and all bonuses and other moneys which may become payable in respect thereof and the full benefit thereof TO HOLD UNTO the Purchaser absolutely [SUBJECT to the payment of all future premiums thereon] [AND THE VENDOR COVENANTS with the Purchaser that the policy hereby assigned is now valid and in full force and that the Vendor will not do omit or knowingly suffer anything whereby the policy may become void or voidable or the Purchaser or any one claiming title through him be prevented from receiving the money thereby assured or any bonus or addition thereto].
IN WITNESS, etc.
[Signatures of both parties]
Ch. 31] ASSIGNMENT OF LIFE POLICY?FORMS 963964 CONVEYANCING, DRAFTING & DEEDS [Ch. 314 Assignment of a policy of assurance by the Borrower by way of additional security against mortgage debt THIS INDENTURE made, etc. BETWEEN A. B. of etc. (hereinafter called the Borrower), of the ONE PART and C.D. of etc. (hereinafter called the Mortgagee) of the OTHER PART.WHEREAS these presents are supplemental to an Indenture of Mortgage (hereinafter called the Principal Indenture) dated etc. and made etc. whereby certain policies of assurance effected on the life of the Borrower were assigned by him unto the Mortgagee by way of mortgagee for securing the payment to the Mortgagee of the sum of Rs…………… with interest thereon at the rate of Rs…………….. per cent per annum; AND WHEREAS the said sum of Rs………….. remains owing on the security of the Principal Indenture; AND WHEREAS the Borrower is now entitled to the further policy of assurance effected in his own name and on his own life hereinafter mentioned and assigned; AND WHEREAS the Borrower has agreed to assign the said policy to the Mortgagee by way of further security in manner hereinafter appearing; NOW THIS INDENTURE WITNESSETH as follows:? 1. IN pursuance of the said agreement and in consideration of the sum of Rs………… remaining owing as aforesaid, the Borrower, as Beneficial owner, hereby assigns unto the Mortgagee ALL THAT policy of assurance effected in the name and on the life of the Borrower for the sum of Rs…………. with the (Insurance Company) dated the…………….. day of…………… numbered………… and at the annual premium of Rs………. and the said sum of Rs………. assured by and all other money to become payable under the said policy and the Full benefit of the said policy, TO HOLD unto the Mortgagee, subject to the like right of redemption is now subsisting under the Principal Indenture in respect of the policies of assurance thereby assigned.
2. ALL the covenants, powers and provisions contained in the Principal Indenture shall extend and apply to the policy hereby assigned, as if corresponding, covenants, powers and provisions had been inserted in these presents. AND in the event of any money being paid by the Mortgagee or the persons deriving title under him in respect of the policy hereby assigned or of any policy to be substituted therefor, by reason of the default of the Borrower to pay such money, then the policies and premises comprised in the Principal Indenture, and any policy or policies substituted for the same, shall, as well as the policy hereby assigned, stand charged with the repayment of such money and the interest thereon.
IN WITNESS, etc.
[Signatures of the Borrower and of the Mortgagee]5 Assignment of life policy to secure account of third party THIS MORTGAGE is made the………… day of……….. BETWEEN [mortgagor] of [address, etc.] (hereinafter called the assignor) of the first part [customer] of [address, etc.] (hereinafter called the customer] of the second part and………
Bank Limited (hereinafter called the bank) of the third part.
WHEREAS:
(1) The assignor is entitled to the policy [or policies] of assurance on his life [or on the life of………..] (hereinafter called the policy [or policies] particulars of which are specified in the first schedule hereto.
(2) The customer is now indebted to the bank or is desirous of obtaining advances and credit and banking accommodation from the bank and the assignor has agreed to give security to the bank for the accounts of the customer has agreed to give security to the bank for the accounts of the customer as well as for his own accounts with the bank by making to the bank the assignment of the policy [or policies] hereinafter contained.
NOW THIS DEED WITNESSETH as follows:
1. The assignor as beneficial owner hereby assigns to the bank the policy [or policies] and all monies assured or to become payable thereby or thereunder and the full benefit thereof to hold the same unto the bank subject only to the provision for redemption hereinafter contained.
2. The assignor hereby covenants with the bank? (1) That the said policy [or policies] is [or are] valid and that he will not do any act or commit any default whereby the policy [or policies] or any substituted policy [or policies] may become void or voidable or an increased premium thereon become payable or whereby the bank may be hindered from receiving any money thereby assured;
(2) That in case may such policy [or policies] shall by any means become void the assignor will forthwith at his own cost effect a new policy [or policies] in lieu thereof on his life [or on the life of………….] in such manner as the bank may require in a sum not less than (and having a surrender value not less than) the sum which was assured by the policy [or policies] which shall have become void including any bonus or bonuses which may have been declared thereon and every such new or substituted policy [or policies] shall be subject in all respects to this security and all the covenants and provisions hereof shall apply thereto.
3. The assignor and the customer jointly and severally covenant with the bank that the assignor or in default the customer will punctually pay every premium or sum of money which from time to time shall be necessary for keeping on foot the policy [or policies] or any and every new policy to be effected as aforesaid and will deliver to the bank the receipt for every premium as and when paid.
4. If the assignor or the customer shall make default in payment of any premium or sum of money which may be necessary under the last preceding Ch. 31] ASSIGNMENT OF LIFE POLICY?FORMS 965966 CONVEYANCING, DRAFTING & DEEDS [Ch. 31 clause it shall be lawful for the bank to pay such premium or sum of money and
to charge the same to the account of the assignor or of the customer as the bank
may think fit