Assignment of a Debt Due for a Consideration (India)
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.
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.
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