Reconveyance by trustee of deed of assignment of surplus property after payment of all debts
THIS CONVEYANCE is made the ______ day of _______.
BETWEEN
______________________________________________ [insert the name, address of trustee] (hereinafter called the trustee) of the one part,
and
______________________________________________ [insert the name, address of debtor] (hereinafter called the debtor) of the other part.
WHEREAS:
- By a deed of assignment for the benefit of creditors dated the _____ day of _____ and made between the parties hereto but in the reverse order the property hereinafter assured [or described in the schedule hereto or the first and second schedules hereto, as the case may be] was conveyed together with other property to the trustee upon trusts therein set out for the payment of creditors of the debtor.
- The said deed of assignment contained a provision for reconveyance by the trustee if at any time all debts and all other costs, charges and expenses payable under or by virtue of the said deed should be paid by the operation of the trusts thereof or otherwise howsoever.
- All debts and all other costs, charges and expenses payable under or by virtue of the said deed have been paid without recourse to the property hereinafter assured as the trustee by the execution hereof hereby acknowledges and declares.
- The debtor has requested the trustee to reconvey the said property to him freed and discharged from the trusts of the said deed which the trustee has consented to do upon the debtor discharging and releasing the trustee in manner hereinafter appearing.
NOW THIS DEED WITNESSETH as follows:
- In consideration of the premises and in pursuance of the said provision for reconveyance the trustee as trustee hereby conveys unto the debtor all [parcels] TO HOLD the same unto the debtor absolutely and for ever the property described in the first schedule hereto and as to the property described in the second schedule hereto for the residues now unexpired of the respective leases set out in the second column thereof and subject henceforth to the payment of the rent and the performance and observance of the covenants on the lessee’s part and the conditions contained in the said leases respectively and as to the whole] freed and discharged from the trusts of the said deed of assignment dated _________.
- The debtor hereby releases and discharges the trustee from trusts of the said deed of assignment dated ________ and hereby covenants to indemnify the trustee in respect of all claims demands proceedings costs and expenses whatsoever in respect of the trust property and of the trustee’s dealings therewith.
IN WITNESS etc.
[SCHEDULE]
[Description of property]
FIRST SCHEDULE
[Description of freehold property]
SECOND SCHEDULE
[Description of leasehold property]
[Signatures and seals of both parties]
