Assignment of debts by several creditors of one debtor to a trustee to recover the debts and pay the creditors pro rata
THIS DEED OF ASSIGNMENT is made the ______ day of _______
BETWEEN the several persons whose signatures and seals are set and affixed in the schedule hereto being respectively creditors of [insert the name, address etc. of debtor] (all of whom are hereinafter called the creditors) of the one part and [insert the name, address etc. of trustee] (hereinafter called the trustee) of the other part.
WHEREAS:
- The said [debtor] is indebted to the creditors in the sums placed opposite to their respective names in the said schedule hereto.
- The parties hereto have agreed that the said several debts shall be assigned to the trustee for the purposes hereinafter appearing.
NOW THIS DEED made in consideration of the premises WITNESSETH as follows:
- Each of the creditors in respect of the debt or sum placed opposite to his name in the said schedule hereto and as beneficial owner assigns such debt or sum unto the trustee TO HOLD the same unto the trustee absolutely upon the trusts hereinafter declared concerning the same.
- The trustee shall hold the said several debts and sums upon the trusts and for the purposes following (that is to say) that the trustee shall proceed forthwith to call in collect sue for and recover the debts or sums and upon recovery thereof or of any part thereof shall in the first place pay and retain all costs charges and expenses from time to time incurred in or about the receiving or recovering the same and shall pay and divide the residue amongst the creditors rateably according to the amounts of the debts severally due to them and without any preference or priority.
IN WITNESS, etc.
SCHEDULE
[Signature and seal of trustee]
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