Draft the following: A Deed of Assignment of Business Debt. Assume facts.

CS Professional · Drafting, Appearances and Pleadings · PYQS · December 2020
Draft the following: A Deed of Assignment of Business Debt. Assume facts.

Answer & Explanation:

THIS DEED OF ASSIGNMENT made this............day of............between............son of............, resident of............ (hereinafter called "the Assignor") of the one part, and............son of............, resident of............ (hereinafter called "the Assignee") of the other part. WHEREAS the assignor has, for some time been carrying on the business of............in the course whereof the several persons whose names, addresses and occupations are mentioned in the Schedule appended hereto, have become lawfully debtors to him and so for the several sums of money set opposite to their respective names; AND WHEREAS the assignor has contracted with the assignee for the absolute sale to him of the said business debts at............and for the sum of ₹............ (Rupees............). NOW THIS DEED WITNESSES that in consideration of the sum of ₹............ (Rupees............) now paid to the assignor by the assignee (the receipt whereof the assignor hereby acknowledges), the said assignor, as beneficial owner, does hereby transfer, sell and assign unto and to the use of the said assignee, all the several said debts, and sums of money specified in the said Schedule which are now due and owing to the assignor to have and to receive them for his absolute use and benefit with absolute power, authority and liberty to enforce payment thereof by suit or otherwise and that the assignor does hereby covenant with the assignee that all the several debts are lawfully due to him and the parties by whom they are payable are alive, and further that he has not entered into any arrangement with any of them and that the assignor shall at all times hereafter do, execute and perform all such and other acts, deeds, things, or writings as may be reasonably required for realization of the said debts, and further and better and more effectively transferring and/or assuring them or any of them in favour of the assignee. Schedule above referred to IN WITNESS WHEREOF the assignor and the assignee do hereto affix their signatures on the day, month and the year above mentioned at............ (place). Witness: ____________ (Assignor) Witness: ____________ (Assignee)

Topics: Drafting of Deeds

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