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Assignment of Debt (Absolute)

Assignment of Debt (Absolute)

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Published by: Legal Forms on Jan 19, 2008
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02/26/2013

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Absolute Assignment of Debt
THIS ASSIGNMENT
dated [Date (ie. July 31, 2002)]
BETWEEN:[NAME OF ASSIGNOR]
(the "Assignor")-and-
[NAME OF ASSIGNEE]
(the "Assignee")
WHEREAS
:(A)[Name of Debtor (the person who owes the Debt)] (the "Debtor") is indebted to theAssignor in the sum of $[Amount of Debt (ie. $25,000)] (the "Debt"); and(B)The Assignor wishes to assign to the Assignee, and the Assignee wishes to receive anassignment of the Debt;
NOW THEREFORE
in consideration of the recitals, the mutual covenants hereinafter set forth,and for other good and valuable consideration, the receipt and sufficiency of which is herebyacknowledged, the parties hereto hereby agree as follows:1.The Assignor hereby assigns, transfers and sets over unto the Assignee the Debt togethewith all advantage and benefit to be derived therefrom.2.As consideration for the assignment, the Assignee agrees to pay to the Assignor,concurrently with the execution of this Agreement, the sum of $[Amount of money to be paid for Assignment of Debt (ie. $20,000)].3.The Assignor hereby acknowledges, covenants and agrees that the Debt is justly and trulyowing by the Debtor to the Assignor.4.The Assignor covenants and agrees with the Assignee that at the request of the Assignee,the Assignor shall assign to the Assignee all its or his right, title and interest in anysecurity in respect of the Debt assigned by this Assignment, and the same shall bedeemed security granted by the Assignor to the Assignee.

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