Assignment of a Decretal Debt (India) by OLL
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ASSIGNMENT OF DECRETAL DEBT
THIS DEED is made _________ (as in Precedent No. 3).
WHEREAS the Assignor obtained a simple money decree in Suit No____________________
of ________________________ of the Court of the _____________________ decided on._________ against CC.;
AND
WHEREAS the said CC. did not file any appeal and the said decree became final;
AND
WHEREAS the Assignor is unable to execute the said decree on account of his continued absence from __________________________.;
AND
WHEREAS if the said decree is not executed on or before ___________________ it will become time-barred;
AND
WHEREAS the sum of Rs _______________ is now owing on account of principal, interest and cost on the said decree;
AND the said AA. has agreed to transfer the said decree to BB. for the sum of Rs ______________
NOW THIS DEED OF ASSIGNMENT WITNESSES that in pursuance of the said agreement and in consideration of the said sum of Rs________________ the said AA. hereby assigns unto the said Assignee ALL THAT sum of Rs_______________ now owing on the said decree and all future interest to become due and the full benefit of the said decree and judgment TO HOLD unto the said Assignee the said decree and all interest, benefit and obligation thereunder.
IN WITNESS whereof (as in Precedent No. 3).
Witness: 1. AAB.
Assignor.
2. BB.
Assignee.
This template is used for the legal transfer of a court-decreed debt from one party to another. It establishes that the original creditor (Assignor) is transferring the full benefit of a money decree, including the principal amount, interest, and costs, to a new party (Assignee) for an agreed payment.
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About this template
What is this template?
A formal deed used to transfer the legal right to collect a court-ordered debt from the Assignor to the Assignee. It is not an agreement to settle the debt with the debtor, but rather a transfer of the 'paper' decree itself. It specifically contains the suit number and the date the decree becomes time-barred.
When should you use it?
Use this when a judgment creditor wants to sell or transfer their right to execute a court decree to another person, instead of using a standard Debt Assignment Agreement which typically covers contractual debts rather than court-ordered decrees.
What's inside
| Clause | Name | What it does |
|---|---|---|
| WHEREAS | Recitals of Decree | Identifies the specific money decree by suit number, court name, and decision date to define the debt being assigned. |
| WHEREAS | Reason for Assignment | States the Assignor's inability to execute the decree due to continued absence and notes the specific date the decree becomes time-barred. |
| AND WHEREAS | Consideration and Debt Amount | Specifies the total sum of Rs owing for principal, interest, and costs, and the agreed purchase price paid by the Assignee. |
| NOW THIS DEED | Assignment of Rights | Formally transfers the full benefit of the judgment and all future interest to the Assignee. |
Who it's for
- a decree holder in India unable to execute a money judgment due to long-term absence
- a party purchasing the rights to a court-awarded debt before it becomes time-barred
- a creditor transferring a final decree where no appeal has been filed by the debtor
How long it runs and how it's signed
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