Assignment of a number of debts upon trust to collect and out of proceeds pay sum due to assignee, and?pay surplus to assignor
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 is indebted to the transferee in the sum of Rs. ______.
- The assignor is entitled to the several debts the particulars whereof are specified in the schedule hereto and he has agreed to assign them to the transferee upon the trusts hereinafter declared.
NOW THIS DEED made in consideration of the premises WITNESSETH as follows:
- 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 which are owing to the assignor from the several persons whose names are respectively set opposite to the sums in the first column of such schedule and all other sums (if any) due and owing to the assignor from the said several persons and the benefit of all securities for such sums and all interest (if any) due and to become due for the said sums respectively TO HOLD the same unto the transferee absolutely upon the trusts hereinafter declared concerning the same.
- The transferee shall hold the said debts, securities and interest upon trust to call in collect and compel payment thereof an out of the monies to be so realised in the first place to pay the costs, charges and expenses incurred in realisation together with the costs of this deed [amounting to Rs. _________ ] and in the next place to retain and pay to himself the said sum of Rs. __________ with interest thereon at the rate of ______ per cent per annum from the _______ day of ______ and to pay the surplus (if any) to the assignor.
IN WITNESS, etc.
SCHEDULE
[Signatures and seals of assignor and assignee]
