Assignment of a Debt Due for a Consideration (India) by OLL
Prefer the original wording?
A DEBT DUE FOR A CONSIDERATION
This Deed of Assignment is executed on this __________________ day of __________.
Between Mr.____________________________,
S/o____________________________________,
address_____________________________________________________________________ (hereinafter called "the assignor") which expression shall include his successors, executors and administrators of the one part
And Mr._____________________________________,
S/o_________________________,
R/o_________________________________________________________________________ (hereinafter called "the assignee") which expression shall include his successors, executors and administrators of the other part. Now This Deed Witnesseth As Follows: 1. In consideration in lieu of the sum of Rs.______________ (Rupees ________________________________________________ only) paid by the assignee to the assignor (the receipt of which the assignor hereby acknowledges) the assignor as beneficial owner hereby transfers to the assignee all that debt due and owing to the assignor by his customer Sh. __________,
S/o Sh. ____________________________,
address _____________________________________________.
2. The said debt, which was given by the assignor to his customer, has been acknowledged vide a bond dated_________________ executed favouring the assignor by the customer.
3. addition to the amount in the bond the assignor also transfers to the assignee all interest due and to become due from the bond to the assignor, completely.
4. The assignee as beneficial owner accepts the assignment so granted by the assignor.
5. The assignor hereby agrees with the consents that the said debt is still due and owing to the assignor from his customer. In Witness Whereof, the parties to this deed have appended their signatures at ………………………………………, on the day, month and year first noted above, in presence of: Assignor ___________ Assignee: ____________ Signed.................... Date ......................
Witnesses: 1. 2.
This document is a Deed of Assignment used to transfer a debt from one party to another. It formally allows an assignor to transfer their right to collect a specific debt, including any accrued interest, to an assignee in exchange for a payment.
5.0 out of 5 on Google
Read reviewsAs seen in
About this template
What is this template?
This document is a formal deed for the absolute transfer of a debt from an original creditor to a buyer. It is not a loan agreement or a power of attorney, but a full transfer of beneficial ownership of an existing financial obligation.
When should you use it?
Use this when a creditor wants to liquidate a debt by selling it to another person, rather than using a Debt Settlement Agreement which typically involves the debtor directly.
What's inside
| Clause | Name | What it does |
|---|---|---|
| 1 | Transfer of Debt | The assignor transfers a debt due from a named customer to the assignee in exchange for a specified amount in Rupees. |
| 2 | Acknowledgment of Debt | Confirms the debt is evidenced by a bond dated and executed by the customer in favor of the assignor. |
| 3 | Transfer of Interest | Assigns all interest due and to become due from the original bond to the assignee completely. |
| 5 | Warranty of Debt | The assignor warrants that the debt is still due and owing from the customer at the time of execution. |
Who it's for
- an individual in India selling a debt owed to them by a customer under a bond
- a party purchasing the right to collect interest and principal on a third-party debt
How long it runs and how it's signed
Frequently asked questions
A template isn't binding on its own - like any contract, it becomes binding once it's properly completed and signed. Templates in our curated library are professionally drafted for US or UK law; review any template before you sign it.
Yes. Chat with GitLaw to edit any section, or make changes directly in the editor.
Yes, read about team plans here.
Describe what you need in the chat and GitLaw will draft it for you.
Templates in our curated library are professionally drafted for US or UK law. The wider library comes from the GitLaw community and public sources - a solid starting point, but check any template fits your situation before you rely on it.
Mostly US and UK law. Some templates use general commercial terms that work across jurisdictions, and many note which law they're written for.
It depends on the situation. Templates work well for routine business agreements. For anything involving significant money, complex IP, employment, or areas you're unsure about, it's worth getting professional advice before you sign. GitLaw provides templates and tools, not legal advice.
Open any template in GitLaw and describe the change you want in the chat — 'make clause 4 mutual' or 'add a 30-day notice period', for example. GitLaw drafts the revised language and shows it as a suggested edit. You accept, reject, or keep editing from there.
Yes. Upload a Word, PDF, or Markdown file and GitLaw will open it in the editor. You can review, edit, or chat with GitLaw about it the same way you would with any template from the library.
Trusted by 5,000+ businesses
From template to signed, in one place
Every template opens in an editor with an AI agent alongside it.
Open
Pick a template and open it. Nothing to download, and no credit card to start.
Free to open
Edit with AI
Describe your situation in chat and the agent adapts the wording, clause by clause.
Tracked changes you can review
Send and sign
Share it for negotiation, then collect signatures without leaving GitLaw.
eSign included
Built for your legal work,
with practicing lawyers
Trained on 5,500+ clauses and specialist areas of law. Built with a standards committee of independent lawyers.
As seen in
Ready to get started?
No sales calls, no credit card. Just chat with GitLaw.
GitLaw provides templates and tools, not legal advice. Templates are a starting point, not a substitute for advice on your situation - for anything significant, speak to a qualified lawyer.