Assignment of book debts in consideration of assignor’s debt to assignee
THIS DEED OF ASSIGNMENT is made the _______ day of ________
BETWEEN
_______________________________________ [insert the name, address etc. of assignor] (hereinafter called the assignor) of the one part
and
_____________________________________ [insert the name, address etc. of assignee] (hereinafter called the transferee) of the other part.
WHEREAS:
- 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.
- 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 of Rs. _____________ 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
[Signatures of assignor and assignee]
