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Assignment of Specific Accounts without Recourse

Assignment of Specific Accounts without Recourse

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Published by: Legal Forms on Jan 19, 2008
Copyright:Attribution Non-commercial


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Assignment of Specific Accounts
the payment by Name of Person Receiving Assignment (Assignee)(the "Assignee") to the undersigned of the sum of Amount Paid by Assignee for Accounts (ie.$40,000), and for other good and valuable consideration, the receipt and sufficiency of which ishereby acknowledged, the undersigned hereby assigns and transfers to the Assignee the accountsand book debts specifically referred to in Schedule "A" hereto (collectively the "AssignedAccounts"). The undersigned further agrees as follows:1.All moneys collected or received by the undersigned in respect of the Assigned Accounts shall be received as trustee for the Assignee and shall be forthwith paid to the Assignee.2.The Assignment herein is made without recourse to the undersigned. In the event that anyAssigned Account is not paid, the Assignee shall have no recourse whatsoever to the undersigned,unless the undersigned has breached any covenant, warranty or representation made herein.3.The undersigned covenants, warrants and represents that:(a)the undersigned has good and marketable title to the Assigned Accounts, free andclear of any mortgage, charge, security interest, lien, claim or other encumbranceof any nature or kind whatsoever;(b)the undersigned has the authority to sell the Assigned Accounts to the Assignee;(c)each of the Assigned Accounts if genuine and the monies thereunder are due andowing in full;(d)the undersigned has not otherwise assigned or dealt with any of the AssignedAccounts or any interest therein;(e)the undersigned has received no payment whatsoever on any of the AssignedAccounts;(f)the undersigned has not received notification from any debtor on an AssignedAccount that the debtor is unable or unwilling to pay the Assigned Account for anyreason whatsoever; and(g)to indemnify and save harmless the Assignee from all costs, damages, expenses andother losses resulting or arising from the breach or untruth of any covenant,warranty or representation made or given by the undersigned hereunder.4.The undersigned shall from time to time forthwith on the Assignee's request do, make andexecute all such financing statements, further assignments, documents, acts, matters and things asmay be required by the Assignee of or with respect to the Assigned Accounts or any part thereof 
or as may be required to give effect to these presents, including, but not limited to obtainingwaivers and subordinations of interests in the Assigned Accounts from any persons having a prior claim or interest thereto. The undersigned hereby constitutes and appoints the Assignee the trueand lawful attorney of the undersigned irrevocable with full power or substitution to do, make andexecute all such statements, assignments, documents, acts, matters or things with the right to usethe name of the undersigned whenever and wherever it may be deemed necessary or expedient.5.The provisions hereof shall enure to the benefit of the successors and assigns of the Assigneeand shall be binding upon the respective heirs, executors, administrators, successors and assignsof the undersigned.Date:Date of AssignmentWitness
Name of Person Making Assignment(Assignor)
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