Assignment of contingent interest supplemental to preceding composition
THIS DEED OF ASSIGNMENT is made the _______ day of _______.
BETWEEN
______________________________________________ [insert the name, address of debtor] (hereinafter called the debtor) of the one part,
and
______________________________________________ [insert the name, address of person providing money] of the other part.
WHEREAS:
- The said [person providing money] has at the request of the debtor provided a sum of Rs. ___________ to enable the debtor to propose and carry out a composition in satisfaction of his debts and to obtain an annulment of his insolvency and it is a term of the said composition and was one of the conditions on which the said sum has been provided that the whole of the assets of the debtor including all the share and interest vested or contingent in the estate of [father of debtor] the deceased father of the debtor to which the debtor was in way entitled or which might thereafter devolve on the debtor should vest in and become the property of the said [person providing money].
- In pursuance of the premises the whole of the property of the debtor which would be distributable among his creditors in insolvency has by an order of the _______ court dated ______ been duly vested in the said [person providing money] which order has been stamped ad valorem as a conveyance on sale on the total amount provided by the said [person providing money.]
- It is apprehended that the said vesting order did not pass the property to which the debtor is only contingently entitled.
NOW THIS DEED WITNESSETH that for the consideration aforesaid the debtor hereby as beneficial owner assigns to the said [person providing money] all the share and interest vested or contingent in the estate of the said [father of debtor] deceased which but for the bankruptcy of the debtor would be vested in him or to which he would be entitled or which is now vested in him or may at any time hereafter devolve on or become vested in him.
TO HOLD the same unto the said [person providing money] his personal representatives and assigns according to the nature and tenure thereof.
IN WITNESS etc.
[Signature of debtor and the person providing money]
