Assignment of a life interest in personal estate and a policy of insurance by a mortgagee under a power of sale
THIS DEED OF ASSIGNMENT is made the _______ day of _______.
______________________________________________________ [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:
- ?By a mortgage dated the ______ day of _____ and made between [mortgagor] of the one part and the assignor of the other part:-
- the interest dividends and annual income to become payable during the life of the said [mortgagor] from or in respect of the residuary estate of [testator] late of [address, etc.] who died on the ______ day of _______ under or by virtue of the provisions of the will of the said [testator] dated the ____ day of _____ and proved in the _____ court on the _____ day of ______ and ?
- a policy of insurance on the life of the said [mortgagor] issued by [insurance company] dated the ____ day of _______ and numbered ________ whereby the sum of Rs . ________ is assured to be paid on the death of the said [mortgagor] subject to the payment of the annual premium of Rs. ________ were assigned unto the assignor by way of mortgage for securing the principal sum of Rs. _______ and interest at the rate of______ per cent per annum [if the mortgage contained an express power of sale, recite it verbatim, and (if and so far as may be necessary) state any facts which may be conditions precedent to its exercise].
- The said [mortgagor] is still living.
- The assignor has agreed with the transferee for the sale to him of the property comprised in the said mortgage at the price of Rs. ________.
NOW THIS DEED WITNESSETH that in consideration of the sum of Rs. _______ paid to the assignor by the transferee (the receipt whereof the assignor acknowledges) the assignor as mortgagee and in exercise of the power of sale conferred by the said mortgage and of all other powers (if any) conferred upon him the assignor assigns unto the transferee all that the said life interest and life policy and all other the property comprised in or now subject to the said mortgage and the full benefit thereof respectively TO HOLD the same unto the transferee absolutely freed and discharged from all equity of redemption and all claims and demands whatsoever under the said mortgage.
IN WITNESS, etc.
[Signature and seal of the assignor]
