Assignment of a Decretal Debt (India)
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.
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.
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About this template
What is this template?
This document is a formal deed of assignment specifically for debts already recognized by an Indian court decree. It is not a standard contract for the sale of goods or a simple promissory note, as it relies on a pre-existing judicial order. It contains specific recitals regarding the Suit Number and the Court of Record that issued the judgment.
When should you use it?
Use this when a court has already passed a judgment (decree) and the winner of that judgment wants to transfer the right to collect that money to someone else. Use a standard Debt Assignment Agreement instead if the debt has not yet been litigated or if no court order exists.
What's inside
| Clause | Name | What it does |
|---|---|---|
| Recitals | Recitals of Decree | Identifies the specific suit number and the court that passed the decree for a liquidated sum of money in favor of the Assignor. |
| Clause 1 | Consideration | Specifies the exact sum of money paid by the Assignee to the Assignor as the price for transferring the decretal debt. |
| Clause 2 | Transfer of Rights | Transfers all rights, title, and interest in the decree, including the right to execute the decree or realize the decretal amount. |
| Clause 3 | Covenant of Title | Includes a warranty from the Assignor that the decree is still valid, subsisting, and has not been previously satisfied or stayed. |
| Clause 4 | Power of Attorney | Grants the Assignee the authority to sign applications and take legal steps in the Assignor's name to recover the debt. |
Who it's for
- a creditor in India holding a court decree who wishes to sell the debt to a third party
- an asset reconstruction company acquiring individual decretal debts from a judgment creditor
- parties settling a debt by transferring the rights to a different court-ordered judgment
How long it runs and how it's signed
Law it's drafted under
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