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Debt Assignment: How They Work, Considerations and Benefits

Daniel Liberto is a journalist with over 10 years of experience working with publications such as the Financial Times, The Independent, and Investors Chronicle.

debt assignment agreement parties

Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University.

debt assignment agreement parties

Katrina Ávila Munichiello is an experienced editor, writer, fact-checker, and proofreader with more than fourteen years of experience working with print and online publications.

debt assignment agreement parties

Investopedia / Ryan Oakley

What Is Debt Assignment?

The term debt assignment refers to a transfer of debt , and all the associated rights and obligations, from a creditor to a third party. The assignment is a legal transfer to the other party, who then becomes the owner of the debt. In most cases, a debt assignment is issued to a debt collector who then assumes responsibility to collect the debt.

Key Takeaways

  • Debt assignment is a transfer of debt, and all the associated rights and obligations, from a creditor to a third party (often a debt collector).
  • The company assigning the debt may do so to improve its liquidity and/or to reduce its risk exposure.
  • The debtor must be notified when a debt is assigned so they know who to make payments to and where to send them.
  • Third-party debt collectors are subject to the Fair Debt Collection Practices Act (FDCPA), a federal law overseen by the Federal Trade Commission (FTC).

How Debt Assignments Work

When a creditor lends an individual or business money, it does so with the confidence that the capital it lends out—as well as the interest payments charged for the privilege—is repaid in a timely fashion. The lender , or the extender of credit , will wait to recoup all the money owed according to the conditions and timeframe laid out in the contract.

In certain circumstances, the lender may decide it no longer wants to be responsible for servicing the loan and opt to sell the debt to a third party instead. Should that happen, a Notice of Assignment (NOA) is sent out to the debtor , the recipient of the loan, informing them that somebody else is now responsible for collecting any outstanding amount. This is referred to as a debt assignment.

The debtor must be notified when a debt is assigned to a third party so that they know who to make payments to and where to send them. If the debtor sends payments to the old creditor after the debt has been assigned, it is likely that the payments will not be accepted. This could cause the debtor to unintentionally default.

When a debtor receives such a notice, it's also generally a good idea for them to verify that the new creditor has recorded the correct total balance and monthly payment for the debt owed. In some cases, the new owner of the debt might even want to propose changes to the original terms of the loan. Should this path be pursued, the creditor is obligated to immediately notify the debtor and give them adequate time to respond.

The debtor still maintains the same legal rights and protections held with the original creditor after a debt assignment.

Special Considerations

Third-party debt collectors are subject to the Fair Debt Collection Practices Act (FDCPA). The FDCPA, a federal law overseen by the Federal Trade Commission (FTC), restricts the means and methods by which third-party debt collectors can contact debtors, the time of day they can make contact, and the number of times they are allowed to call debtors.

If the FDCPA is violated, a debtor may be able to file suit against the debt collection company and the individual debt collector for damages and attorney fees within one year. The terms of the FDCPA are available for review on the FTC's website .

Benefits of Debt Assignment

There are several reasons why a creditor may decide to assign its debt to someone else. This option is often exercised to improve liquidity  and/or to reduce risk exposure. A lender may be urgently in need of a quick injection of capital. Alternatively, it might have accumulated lots of high-risk loans and be wary that many of them could default . In cases like these, creditors may be willing to get rid of them swiftly for pennies on the dollar if it means improving their financial outlook and appeasing worried investors. At other times, the creditor may decide the debt is too old to waste its resources on collections, or selling or assigning it to a third party to pick up the collection activity. In these instances, a company would not assign their debt to a third party.

Criticism of Debt Assignment

The process of assigning debt has drawn a fair bit of criticism, especially over the past few decades. Debt buyers have been accused of engaging in all kinds of unethical practices to get paid, including issuing threats and regularly harassing debtors. In some cases, they have also been charged with chasing up debts that have already been settled.

Federal Trade Commission. " Fair Debt Collection Practices Act ." Accessed June 29, 2021.

Federal Trade Commission. " Debt Collection FAQs ." Accessed June 29, 2021.

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Assignment Of Debt

Jump to section, what is an assignment of debt.

Assignment of debt is an agreement that transfer debt, rights, and obligations from a creditor to a third party. Assignment of debt agreements are commonly found when a creditor issues past due debt to a debt collection agency. The original lender will be relieved of all obligations and the agency will become the new owner of the debt. Debt assignment allows creditors to improve liquidity by reducing their financial risk. If a creditor has taken on a large amount of unsecured debt, an assignment of debt agreement is a quick way to transfer some of the unsecured loans to another party.

Common Sections in Assignments Of Debt

Below is a list of common sections included in Assignments Of Debt. These sections are linked to the below sample agreement for you to explore.

Assignment Of Debt Sample

Reference : Security Exchange Commission - Edgar Database, EX-10 19 ex107.htm ASSIGNMENT OF DEBT AND SECURITY , Viewed October 25, 2021, View Source on SEC .

Who Helps With Assignments Of Debt?

Lawyers with backgrounds working on assignments of debt work with clients to help. Do you need help with an assignment of debt?

Post a project  in ContractsCounsel's marketplace to get free bids from lawyers to draft, review, or negotiate assignments of debt. All lawyers are vetted by our team and peer reviewed by our customers for you to explore before hiring.

Meet some of our Assignment Of Debt Lawyers

Max N. on ContractsCounsel

Oklahoma attorney focused on real estate transactions, quiet title lawsuits, estate planning, probates, business formations, and all contract matters.

Mark F. on ContractsCounsel

International-savvy technology lawyer with 35years+ in Silicon Valley, Tokyo, Research Triangle, Silicon Forest. Outside & inside general counsel, legal infrastructure development, product exports, and domestic & international contracts for clients across North America, Europe, and Asia. Work with Founders to establish startup and continuous revenue, sourcing and partnering with investors to attract funding, define success strategy and direct high-performing teams, advising stakeholders and Boards of Directors to steer company growth.

John C. on ContractsCounsel

Licensed to practice law in the states of Missouri and Kansas. Have been licensed to practice law for 44 years. Have been AV rated by Martindale Hubbel for almost 30 years.

Michael S. on ContractsCounsel

Real estate and corporate attorney with over 30 years of experience in large and small firms and in house.

David A. on ContractsCounsel

David Alexander advises clients on complex real estate transactions, including the acquisition, disposition, construction, financing and leasing of shopping centers, office buildings and industrial buildings throughout the U.S. An experienced real estate attorney, David reviews, drafts and negotiates all manner of retail, office and industrial real estate agreements, including purchase and sale agreements, construction contracts, leases and financing documentation.

Alex P. on ContractsCounsel

Managing partner at Patel & Almeida and has over 22 years of experience assisting clients in the areas of intellectual property. business, employment, and nonprofit law.

Tiffanie W. on ContractsCounsel

Tiffanie W.

Tiffanie Wilson is a business transactions and personal injury lawyer. She helps clients realize their business goals by expertly drafting contracts, providing sound legal advice, and working for justice for injured clients.

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debt assignment agreement parties

Assignment and assumption agreement—How-to guide

Find out more about business management

debt assignment agreement parties

by   LegalZoom staff

Read more...

Updated on: February 15, 2024 · 5min read

1. Overview

  • 2. Do's & don’ts checklist

3. Assignment and assumption agreement instructions

After a contract has been signed, a change in business climate or in a party’s liquidity can necessitate an assignment of that agreement. If both of the original parties agree to the change and sign documents transferring existing interests and obligations, an agreement can be assigned and assumed by a third party.

A company can lose its footing in the marketplace, or local laws can leave one party unable to complete its obligations under an agreement. Rather than leave parties shackled to a dated or impractical agreement, an assignment allows for the substitution of parties better able to respond to a contract’s goals and requirements. The assignment process itself allows for continuing dialogue between the parties, a fact that develops and solidifies successful business relationships.

This package contains everything you’ll need to assign your agreement and have it assumed by a third party. A written assignment minimizes confusion, misunderstanding, and error and sets forth all of the parties’ expectations and fulfillment obligations. In every way, this promotes successful and profitable business arrangements and allows a company to extract itself gracefully from an unfeasible situation. 

2. Do's & don’ts checklist

  • Read the original agreement to make sure that you and the other party have complied with all of its requirements for assignments and assumptions. Some contracts have specific rules about what types of assignments will be permitted, to whom, and how the process should work.
  • Allow each party to spend some time reviewing both the original agreement and the assignment. This will reduce the likelihood, or at least the efficacy, of a claim that a party did not understand any terms or how those might affect the agreement or their rights and responsibilities. 
  • Both parties should review the assignment carefully to ensure that all relevant deal points have been included. It is better to be over-inclusive than under-inclusive. Do not assume that certain expectations or terms are agreed to if they are not stated expressly in the document.
  • The terms of the original agreement are still in effect, so make sure both original parties continue to perform their obligations under that contract until the assignment is completed and signed.
  • Sign three copies of the assignment, one for you and one for each of the other parties.
  • Keep your copy of the signed assignment with the original agreement it modified. Once the assignment is drafted and signed, it is part of the original agreement and should be treated accordingly.
  • Depending on the nature of its terms, you may decide to have your assignment witnessed or notarized. This will limit later challenges to the validity of a party’s signature. 
  • If your assignment is complicated, do not use the enclosed form. Contact an attorney to help you draft a document that will meet your specific needs. 

The following provision-by-provision instructions will help you understand the terms of your assignment and assumption agreement. The numbers below (e.g., Section 1, Section 2, etc.) correspond to the provisions in the contract. Please review the document in its entirety before starting the step-by-step process. 

  • Introduction. Identifies the document as the assignment and assumption of an existing agreement. Write in the date on which the original agreement was signed. Identify the parties and the date of the amendment. The Assignor must be the same as one of the parties who signed the original agreement (unless the new signer is an agent of that same company).
  • Recitals. Identifies the existing agreement that’s being modified and explains where the parties’ right to assign the document comes from. Put in the effective date of the original agreement and the section number of that agreement that allows you to assign it. The title of this section is usually “Assignments” or “Modifications.”
  • Section 1: Assignment. The party that is assigning its interest indicates here that this is its desire.
  • Section 2: Assumption. The party that is accepting the assignment indicates here that it is willing to take on (“assume”) those rights and responsibilities.
  • Section 3: Company’s consent and release. The consent of the other original party to the assignment and assumption.
  • Section 4: Inconsistency. Indicates that if there is a conflict between the assignment language and the language of the original agreement, the assignment language will be the final word on the question.
  • Section 5: Agreement continuance. This serves as an “affirmation” of the original agreement. In other words, the only things that change in the original agreement are the parties that have assigned their interest. All of the other terms of the original agreement remain effective. 
  • Section 6: Indemnification. This provision allocates responsibilities among all of the parties. Essentially, it says that the Assignor is responsible for things that happened before the assignment’s effective date, and the Assignee is responsible for things that happened after the assignment’s effective date.
  • Section 7: No release. An explanation that even if one party is assigning its interest, the other party to the original agreement can still hold that party liable for its actions before the assignment.
  • Section 8: Modification. Indicates that any changes to the document will be in writing and signed by all of the parties.
  • Section 9: Authority. A promise that the parties signing the agreement have the right and power to do so. 
  • Section 10: Governing law. Your original agreement probably includes a choice-of-law provision that governs what laws will be used to interpret it. If it does not, this section allows the parties to choose those laws. Note that this is not a venue provision: the included language will not impact where a potential claim can be brought.
  • Section 11: Counterparts/electronic signatures. The title of this provision sounds complicated, but it is simple to explain. It says that even if the parties sign the assignment in different locations, or use electronic devices to transmit signatures (e.g., fax machines or computers), all of the separate pieces will be considered part of the same agreement. In a modern world where signing parties are often not in the same city—much less the same room—this provision ensures that business can be transacted efficiently without sacrificing the validity of the agreement as a whole.
  • Section 12: Severability. Protects the terms of the agreement as a whole, even if one part is later invalidated. 
  • Section 13: Entire agreement. The parties’ agreement that the assignment they’re signing (when taken together with the original agreement) is “the agreement” about the issues involved. Unfortunately, the inclusion of this provision will not prevent a party from arguing that other enforceable promises exist, but it will provide you some protection from these claims.
  • Section 14: Headings. Notes that the headings at the beginning of each section are meant to organize the document and should not be considered operational parts of the agreement.

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Assignment Agreement Template

Use our assignment agreement to transfer contractual obligations.

Assignment Agreement Template

Updated February 1, 2024 Reviewed by Brooke Davis

An assignment agreement is a legal document that transfers rights, responsibilities, and benefits from one party (the “assignor”) to another (the “assignee”). You can use it to reassign debt, real estate, intellectual property, leases, insurance policies, and government contracts.

What Is an Assignment Agreement?

What to include in an assignment agreement, how to assign a contract, how to write an assignment agreement, assignment agreement sample.

trademark assignment agreement template

Partnership Interest

An assignment agreement effectively transfers the rights and obligations of a person or entity under an initial contract to another. The original party is the assignor, and the assignee takes on the contract’s duties and benefits.

It’s often a requirement to let the other party in the original deal know the contract is being transferred. It’s essential to create this form thoughtfully, as a poorly written assignment agreement may leave the assignor obligated to certain aspects of the deal.

The most common use of an assignment agreement occurs when the assignor no longer can or wants to continue with a contract. Instead of leaving the initial party or breaking the agreement, the assignor can transfer the contract to another individual or entity.

For example, imagine a small residential trash collection service plans to close its operations. Before it closes, the business brokers a deal to send its accounts to a curbside pickup company providing similar services. After notifying account holders, the latter company continues the service while receiving payment.

Create a thorough assignment agreement by including the following information:

  • Effective Date:  The document must indicate when the transfer of rights and obligations occurs.
  • Parties:  Include the full name and address of the assignor, assignee, and obligor (if required).
  • Assignment:  Provide details that identify the original contract being assigned.
  • Third-Party Approval: If the initial contract requires the approval of the obligor, note the date the approval was received.
  • Signatures:  Both parties must sign and date the printed assignment contract template once completed. If a notary is required, wait until you are in the presence of the official and present identification before signing. Failure to do so may result in having to redo the assignment contract.

Review the Contract Terms

Carefully review the terms of the existing contract. Some contracts may have specific provisions regarding assignment. Check for any restrictions or requirements related to assigning the contract.

Check for Anti-Assignment Clauses

Some contracts include anti-assignment clauses that prohibit or restrict the ability to assign the contract without the consent of the other party. If there’s such a clause, you may need the consent of the original parties to proceed.

Determine Assignability

Ensure that the contract is assignable. Some contracts, especially those involving personal services or unique skills, may not be assignable without the other party’s agreement.

Get Consent from the Other Party (if Required)

If the contract includes an anti-assignment clause or requires consent for assignment, seek written consent from the other party. This can often be done through a formal amendment to the contract.

Prepare an Assignment Agreement

Draft an assignment agreement that clearly outlines the transfer of rights and obligations from the assignor (the party assigning the contract) to the assignee (the party receiving the assignment). Include details such as the names of the parties, the effective date of the assignment, and the specific rights and obligations being transferred.

Include Original Contract Information

Attach a copy of the original contract or reference its key terms in the assignment agreement. This helps in clearly identifying the contract being assigned.

Execution of the Assignment Agreement

Both the assignor and assignee should sign the assignment agreement. Signatures should be notarized if required by the contract or local laws.

Notice to the Other Party

Provide notice of the assignment to the non-assigning party. This can be done formally through a letter or as specified in the contract.

File the Assignment

File the assignment agreement with the appropriate parties or entities as required. This may include filing with the original contracting party or relevant government authorities.

Communicate with Third Parties

Inform any relevant third parties, such as suppliers, customers, or service providers, about the assignment to ensure a smooth transition.

Keep Copies for Records

Keep copies of the assignment agreement, original contract, and any related communications for your records.

Here’s a list of steps on how to write an assignment agreement:

Step 1 – List the Assignor’s and Assignee’s Details

List all of the pertinent information regarding the parties involved in the transfer. This information includes their full names, addresses, phone numbers, and other relevant contact information.

This step clarifies who’s transferring the initial contract and who will take on its responsibilities.

Step 2 – Provide Original Contract Information

Describing and identifying the contract that is effectively being reassigned is essential. This step avoids any confusion after the transfer has been completed.

Step 3 – State the Consideration

Provide accurate information regarding the amount the assignee pays to assume the contract. This figure should include taxes and any relevant peripheral expenses. If the assignee will pay the consideration over a period, indicate the method and installments.

Step 4 – Provide Any Terms and Conditions

The terms and conditions of any agreement are crucial to a smooth transaction. You must cover issues such as dispute resolution, governing law, obligor approval, and any relevant clauses.

Step 5 – Obtain Signatures

Both parties must sign the agreement to ensure it is legally binding and that they have read and understood the contract. If a notary is required, wait to sign off in their presence.

Assignment Agreement Template

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Assignment Agreement Template

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  • Insights & events

Assigning debts and other contractual claims - not as easy as first thought

Updates to UK Money laundering rules - key changes

Harking back to law school, we had a thirst for new black letter law. Section 136 of the Law of the Property Act 1925 kindly obliged. This lays down the conditions which need to be satisfied for an effective legal assignment of a chose in action (such as a debt). We won’t bore you with the detail, but suffice to say that what’s important is that a legal assignment must be in writing and signed by the assignor, must be absolute (i.e. no conditions attached) and crucially that written notice of the assignment must be given to the debtor.

When assigning debts, it’s worth remembering that you can’t legally assign part of a debt – any attempt to do so will take effect as an equitable assignment. The main practical difference between a legal and an equitable assignment is that the assignor will need to be joined in any legal proceedings in relation to the assigned debt (e.g. an attempt to recover that part of the debt).

Recent cases which tell another story

Why bother telling you the above?  Aside from our delight in remembering the joys of debating the merits of legal and equitable assignments (ehem), it’s worth revisiting our textbooks in the context of three recent cases. Although at first blush the statutory conditions for a legal assignment seem quite straightforward, attempts to assign contractual claims such as debts continue to throw up legal disputes:

  • In  Sumitomo Mitsui Banking Corp Europe Ltd v Euler Hermes Europe SA (NV) [2019] EWHC 2250 (Comm),  the High Court held that a performance bond issued under a construction contract was not effectively assigned despite the surety acknowledging a notice of assignment of the bond. Sadly, the notice of assignment failed to meet the requirements under the bond instrument that the assignee confirm its acceptance of a provision in the bond that required the employer to repay the surety in the event of an overpayment. This case highlights the importance of ensuring any purported assignment meets any conditions stipulated in the underlying documents.
  • In  Promontoria (Henrico) Ltd v Melton [2019] EWHC 2243 (Ch) (26 June 2019) , the High Court held that an assignment of a facility agreement and legal charges was valid, even though the debt assigned had to be identified by considering external evidence. The deed of assignment in question listed the assets subject to assignment, but was illegible to the extent that the debtor’s name could not be deciphered. The court got comfortable that there had been an effective assignment, given the following factors: (i) the lender had notified the borrower of its intention to assign the loan to the assignee; (ii) following the assignment, the lender had made no demand for repayment; (iii) a manager of the assignee had given a statement that the loan had been assigned and the borrower had accepted in evidence that he was aware of the assignment. Fortunately for the assignee, a second notice of assignment - which was invalid because it contained an incorrect date of assignment - did not invalidate the earlier assignment, which was found to be effective. The court took a practical and commercial view of the circumstances, although we recommend ensuring that your assignment documents clearly reflect what the parties intend!
  • Finally, in Nicoll v Promontoria (Ram 2) Ltd [2019] EWHC 2410 (Ch),  the High Court held that a notice of assignment of a debt given to a debtor was valid, even though the effective date of assignment stated in the notice could not be verified by the debtor. The case concerned a debt assigned by the Co-op Bank to Promontoria and a joint notice given by assignor and assignee to the debtor that the debt had been assigned “on and with effect from 29 July 2016”. A subsequent statutory demand served by Promontoria on the debtor for the outstanding sums was disputed on the basis that the notice of assignment was invalid because it contained an incorrect date of assignment. Whilst accepting that the documentation was incapable of verifying with certainty the date of assignment, the Court held that the joint notice clearly showed that both parties had agreed that an assignment had taken place and was valid. This decision suggests that mistakes as to the date of assignment in a notice of assignment may not necessarily be fatal, if it is otherwise clear that the debt has been assigned.

The conclusion from the above? Maybe it’s not quite as easy as first thought to get an assignment right. Make sure you follow all of the conditions for a legal assignment according to the underlying contract and ensure your assignment documentation is clear.

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What is an Assignment of Debt?

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By Vanessa Swain Senior Lawyer

Updated on February 22, 2023 Reading time: 5 minutes

This article meets our strict editorial principles. Our lawyers, experienced writers and legally trained editorial team put every effort into ensuring the information published on our website is accurate. We encourage you to seek independent legal advice. Learn more .

Perfecting Assignment

  • Enforcing an Assigned Debt 

Recovery of an Assigned Debt

  • Other Considerations 

Key Takeaways

Frequently asked questions.

I t is common for creditors, such as banks and other financiers, to assign their debt to a third party. Usually, an assig nment of debt is done in an effort to minimise the costs of recovery where a debtor has been delinquent for some time. This article looks at:

  • what it means to ‘assign a debt’;
  • the legal requirements to perfecting an assignment; and
  • common problems with enforcing an assigned debt. 

Front page of publication

Whether you’re a small business owner or the Chief Financial Officer of an ASX-listed company, one fact remains: your customers need to pay you.

This manual aims to help business owners, financial controllers and credit managers best manage and recover their debt.

An assignment of debt, in simple terms, is an agreement that transfers a debt owed to one entity, to another. A creditor does not need the consent of the debtor to assign a debt.

Once a debt is properly assigned, all rights and responsibilities of the original creditor (the assignor ) transfer to the new owner (the assignee ). Once an assignment of debt has been perfected, the assignee can collect the full amount of the debt owed . This includes interest recoverable under the original contract, as if they were the original creditor. A debtor is still responsible for paying the outstanding debt after an assignment. However, now, the debt or must pay the debt to the assignee rather than the original creditor.

Purchasing debt can be a lucrative business. Creditors will generally sell debt at a loss, for example, 20c for each dollar owed. Although, the amount paid will vary depending on factors such as the age of the debt and the likelihood of recovery. This can be a tax write off for the assignor, while the assignee can take steps to recover 100% of the debt owed. 

In New South Wales, the requirements for a legally binding assignment of debt are set out in the Conveyancing Act :

  • the assignment must be in writing. You do this in the form of a deed (deed of assignment) and both the assignor and assignee sign it; and
  • the assignor must provide notice to the debtor. The requirement for notice must be express and must be in writing. The assignor must notify the debtor advising them of the debt’ s assign ment and to who it has been assigned. The assignee will send a separate notice to the debtor, putting them on notice that the debt is due and payable. They will also provide them with the necessary information to make payment. 

The assignor must send the notices to the debtor’s last known address.  

Debtor as a Joined Party

In some circumstances, a debtor will be joined as a party to the deed of assignment . There can be a great benefit in this approach . This is because the debtor can provide warranties that the debt is owed and has clear notice of the assignment. However, it is not always practical to do so for a few reasons:

  • a debtor may not be on speaking terms with the assignor; 
  • a debtor may not be prepared to co-operate or provide appropriate warranties; and
  • the assignor or the assignee may not want the debtor to be made aware of the sale price . This occurs particularly where the sale price is at a significant discount.

If the debtor is not a party to the deed of assignment, proper notice of the assignment must be provided.  

An assignment of debt that has not been properly perfected will not constitute a legal debt owing to the assignee. Rather, the legal right to recover the debt will remain with the assignor. Only an equitable interest in the debt will transfer to the assignee.  

Enforcing an Assigned Debt 

After validly assigning a debt (in writing and notice has been provided to the debtor’s last known place of residence), the assignee is entitled to take any legal steps available to them to recover the outstanding debt. These recovery options include:

  • commencing court proceedings;
  • obtaining a judgment; and 
  • enforcement of that judgment.

Suppose court proceedings have been commenced or judgment already entered in favour of the assignor. In that case, the assignee must take steps to have the proceedings or judgment formally changed into the assignee’s name.  

In our experience, recovery of an assigned debt can be problematic because:  

  • debtors often do not understand the concept of debt assignment and may not be aware that their credit contract contains an assignment of debt clause;
  • disputes can arise as to whether a lawful assignment of debt has arisen. A debtor may claim that the assignor did not provide them with the requisite notice of the assignment, or in some cases, a contract will specifically exclude the creditor from legally assigning a debt;
  • proper records of the notice of assignment provided to the debtor must be maintained. If proper records have not been kept, it may be difficult to prove that notice has been properly given, which may invalidate the legal assignment; and
  • the debtor has the right to make an offsetting claim in defence to any recovery action taken by the assignee. A debtor may raise an offsetting claim which has arisen out of a previous arrangement with the assignor (which the assignee may not be aware of). For example, the debtor may have entered into an agreement with the assignor whereby the assignor agreed to accept a lesser amount of the debt owed by way of settlement. Because the assignee acquires the same rights and obligations of the assignor, the terms of that previous settlement agreement will bind the assignee. The court may find that there is no debt owing by the debtor. In this case, the assignee will have been assigned nothing of value. 

Other Considerations 

When assigning a debt, it is essential that the assignee, in particular, considers relevant statutory limitation periods for commencing proceedings or enforcing a judgment debt . In New South Wales, the time limit:

  • to file legal proceedings to recover debts is six years from the date of last payment or when the debtor admitted in writing that they owed the debt; and
  • for enforcing a judgment debt is 12 years from the date of judgment.

An assignment of a debt does not extend these limitation periods.  

While there can be benefits to both the assignor and the assignee, an assignment of debt will be unenforceable if done incorrectly. Therefore, if you are considering assigning or being assigned a debt, it is important to seek legal advice. If you need help with drafting or reviewing a deed of assignment or wish to recover a debt that has been assigned to you, contact LegalVision’s debt recovery lawyers on 1300 544 755 or fill out the form on this page.  

An assignment of debt is an agreement that transfers a debt owed to one entity, to another. A creditor does not need the consent of the debtor to assign a debt.

Once the assignee has validly assigned a debt, they are entitled to take any legal steps available to them to recover the outstanding debt. This includes commencing court proceedings, obtaining a judgment and enforcement of that judgment.

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Assignment Of Debt Agreement

Jump to section, what is an assignment of debt agreement.

An assignment of debt agreement is a legal document between a debtor and creditor that outlines the repayment terms. An assignment of debt agreement can be used as an alternative to bankruptcy, but several requirements must be met for it to work.

In addition, if obligations are not met under a debt agreement, it might still be necessary to file for bankruptcy later on. Therefore, consulting with an attorney specializing in debt agreements is always recommended before entering into one of these contracts.

Assignment Of Debt Agreement Sample

Reference : Security Exchange Commission - Edgar Database, EX-10 5 exhibit1024f10qsbmay04.htm EXHIBIT 10.24 , Viewed December 20, 2021, View Source on SEC .

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Craig M. on ContractsCounsel

I have been practicing law for more than 7 years in Maine and have owned my law practice, Dirigo Law LLC, since 2020. My practice focuses mostly on Real Estate / Corporate transactions, Wills, Trusts, and Probate matters.

Melissa G. on ContractsCounsel

My name is Melissa “Mel” Green and I provide legal counsel to entrepreneurs, start-ups, and small businesses that is clear, concise, and focused on the practical impact of decisions. As trusted legal counsel, I proactively identify risks, and develop effective, practical solutions that protect my clients businesses, create positive outcomes, and help mitigate legal exposure. My areas of expertise include business formation, contract law/commercial transactions, healthcare law, and intellectual property. I also provide services as an outside general counsel or “fractional general counsel”. Prior to starting my own law firm, I spent the majority of my career in-house at large and small corporations, both for profit and not-for-profit, working with senior and executive management, in addition to other stakeholders at a variety of management levels. to proactively identify and address risks, mitigate legal exposure, streamline processes, lead persuasive negotiations that are integral to ensuring positive outcomes for the organization, and deliver hands-on, spectacular client service. There came a time when I realized that individuals and smaller entities were not receiving the same level of legal support and guidance as mid-size to large companies and as a result, individuals and small businesses were not growing and sustaining on the same level. I wanted to use my expertise to provide those that were underserved by the legal market with competent counsel at an affordable price. With the increasing number of new businesses, I knew that I could make a difference to those that needed legal guidance but were putting it off in fear of “Big Law” prices. I love to “partner” with my clients, get a deep understanding of their business, develop lasting professional relationships and watch them prosper. I want to find a way to help my clients maximize the reach, value and impact of their business. Services that I have provided over the course of my career: (i) reviewing, drafting and negotiating commercial agreements (leases, MSAs and SOWs, consulting services agreements, confidentiality agreements, SaaS agreements, coaching agreements, independent contractor agreements, coaching agreements, photographer agreements, waivers and releases, licensing agreements, etc.), (ii) business formation (operating agreements, written consents, bylaws, etc.), (iii) preparing policies and procedures for businesses in highly regulated industries, (iv) conducting federal trademark searches and filing trademark applications/preparing trademark opinion letters after conducting appropriate legal research, and (v) general business counsel.

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Stan provides legal services to small to medium-sized clients in the New England region, and throughout the U.S. and abroad. His clients are involved in a variety of business sectors, including software development, e-commerce, investment management and advising, health care, manufacturing, biotechnology, telecommunications, retailing, and consulting and other services. Stan focuses on the unique needs of each of his clients, and seeks to establish long term relationships with them by providing timely, highly professional services and practical business judgment. Each client's objectives, business and management styles are carefully considered to help him provide more focused and relevant services. Stan also acts as an outsourced general counsel for some of his clients for the general management of their legal function, including the establishment of budgets, creation of internal compliance procedures, and the oversight of litigation or other outside legal services.

Sam W. on ContractsCounsel

Sam Widdoes has practiced law in California since 2014. He began his career as a litigation associate at a boutique firm in Los Angeles, and founded a production development company with a partner in 2017. Since then, Sam has served as the head of business and legal affairs at District 33, while working hand-in-hand with writers, directors and actors to develop, pitch and produce scripted and unscripted content. In that role, Sam produced the documentary series BLACKBALLED for Quibi/Roku, and will produce the upcoming documentary feature AS WE SPEAK directed by J.M. Harper for Paramount+/MTV, and the doc series THE BLACK BOX for MRC and XYZ Films. He is also the executive producer of an upcoming limited series with CBS TV starring Judith Light and Noah Wyle called SHADOWS IN THE VINEYARD, and a feature comedy for Spyglass Entertainment, among other projects. In early 2022, Sam opened WIDDOES LAW, APC, after recognizing a need for experienced legal services in the unscripted and documentary spaces. Since opening his own practice, Sam has advised producers, editors, directors and rights holders on a variety of agreement negotiations, including option purchase contracts, collaboration agreements and documentary producer deals. Sam also serves as production counsel for several documentary features, series and short films, and will draft, negotiate and advise on all legal aspects of the projects, including financing, production and distribution. Sam earned his Juris Doctor from The Catholic University of America, Columbus School of Law in 2013, where he graduated on the Dean's List and as a member of the Society of Trial Advocates. He holds a BA in journalism from the University of Richmond, and sits on the Board of Trustees at Turning Point School in Culver City, California. Sam is passionate about quality storytelling, and supporting those with the vision and drive to share their stories with the world.

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Robert Jay H. on ContractsCounsel

Robert Jay H.

My Legal career hasfocused on representing businesses (corporations and limited liability companies) as general outside counsel. In this capacity, I have drafted a broad range of legal documents as well as analyzed proposed agreements drafted by the other party's attorney to the agreement for the pupose of determining the risks to which my client would be exposed. I maintained the client's minute book if no one in-house was available for that task. Additionally, if rquested, I served as a general advisor to the client's executive offers and to its Board of Directors.

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Dominic Pellew

Dominic Pellew

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  • Areas of focus
  • Admissions and qualifications

Dominic is an arbitration specialist with particular experience of acting in disputes involving Russian and CIS parties, in London and other European seats.

Dominic is English-qualified but has lived and worked in Paris and Moscow, and is a fluent French and Russian speaker. He acts both as counsel and arbitrator. His work normally focuses on high value disputes under English law-governed contracts, such as shareholder agreements, construction contracts, loans and other financing documentation. These disputes have a strong international element and often require consideration of different systems of law and conflicts of laws.

Dominic is an experienced advocate and cross-examiner and has conducted more than twenty hearings as first chair. His clients come from a variety of industry sectors, including banking and finance, construction, oil and gas, and telecommunications. He has experience in particular of LCIA, ICC and SCC arbitrations, as well as of ad hoc arbitration under UNCITRAL rules. Although his primary focus is on commercial arbitration he has also acted in investment treaty disputes, both as counsel and arbitrator.  

  • Chair of an UNCITRAL tribunal hearing a claim by an investor from a Central Asian country against another Central Asian Country under a bilateral investment treaty.
  • Counsel to a lender in LCIA proceedings for the recovery of a debt against a Ukrainian borrower and guarantors.
  • Party-appointed sole arbitrator in a dispute under SCC Expedited Rules relating to a loan agreement.
  • Counsel to syndicated lenders in LCIA proceedings for the recovery of debts against borrowers and guarantors in a Russian industrial group, including defending claims in the English court for the setting aside of partial awards on jurisdiction.
  • LCIA-appointed co-arbitrator in a claim for the invalidation of an assignment agreement for reasons of fraud.
  • Counsel to a project manager in LCIA proceedings against the owner of a major construction project in Moscow City, including ancillary court proceedings in Cyprus and the US.
  • LCIA-appointed sole arbitrator in a claim for damages for non-payment under an international supply contract.
  • Party-appointed arbitrator in a MKAS dispute between a European contractor and a Russian mining company.
  • LCIA-appointed co-arbitrator in a claim for damages under an agreement for the sale of shares in a Russian bank. 
  • Counsel to a Chinese contractor in an SCC arbitration relating to the construction of a steel rolling mill in Russia.
  • Party-appointed arbitrator in an ICC claim relating to the construction of a power plant in Russia
  • Chair of an SCC tribunal hearing a claim under a contract for the supply of goods from the US to Russia
  • Counsel to a Russian private equity fund in an LCIA arbitration against the seller of shares in a Russian logistics business, involving claims for misrepresentation and for breach of warranty.
  • Party-appointed arbitrator in an SCC arbitration relating to a construction project in Kazakhstan
  • Chair of an ICC tribunal hearing a dispute between a CIS purchaser and a Brazilian supplier of agricultural goods.
  • Counsel to a Russian real estate developer in an SCC arbitration against its joint venture partner to enforce a put option agreement.
  • Counsel to a Russian real estate developer in an LCIA arbitration against its joint venture partner.
  • Counsel to a Russian state-owned energy company in a SCC arbitration against foreign investors.
  • LCIA-appointed sole arbitrator in a claim under a joint venture agreement between two CIS Parties.
  • Counsel to a Russian oil field services company in relation to a potential LCIA arbitration claim arising out of an M&A transaction and in relation to a potential SCC claim arising under a equipment leasing agreement.
  • Chairman of an ad hoc UNCITRAL tribunal hearing a claim by an investor from one CIS country against another CIS country under the Energy Charter Treaty and a bilateral investment treaty.
  • Counsel to a Russian real estate developer in a potential LCIA claim against a co-investor under a shareholders agreement.
  • LCIA-appointed co-arbitrator in a construction-related dispute between a Russian owner and a European contractor.
  • Counsel to a Russian mining company in a potential dispute under Swiss Rules against a foreign contractor.
  • Counsel to a Russian financial institution in two sets of LCIA proceedings against its former clients relating to trading losses.
  • LCIA-appointed arbitrator in a claim for a debt under a loan agreement against a CIS company.
  • Counsel to a Russian bank in an LCIA claim for recovery of a debt due under a loan agreement.
  • Counsel to a US engineering company in three MKAS arbitrations brought by Russian purchasers of equipment.
  • Counsel to a Russian financial institution in an LCIA arbitration claim against a Russian company for the recovery of a debt, and in a related LCIA claim relating to a set-off of the same debt, involving satellite proceedings in the Cyprus and English courts.
  • Counsel to a Russian trustee of assets owned beneficially by two Russian businessmen, in a potential LCIA dispute with one of the beneficiaries.
  • Counsel to a the Russian majority shareholder of a telecommunications company in an ad hoc arbitration claim against its European co-majority shareholder under a shareholders agreement.
  • Counsel to a Russian retailer in an LCIA claim against the sellers under a share purchase agreement, involving satellite litigation in the Netherlands.
  • Counsel to the Russian shareholders of an oil company against their European co-shareholders in a potential SCC arbitration and related English litigation.
  • Counsel to a Russian real estate developer in various disputes relating to the collapse of a construction site in Moscow, including a potential LCIA arbitration.
  • Counsel to a European reinsurance company in a dispute relating to breakdown of machinery owned by a Russian power company.
  • Counsel to a European leaser of equipment in two sets of MKAS arbitration proceedings against Russian lessees of the equipment.
  • Counsel to the Russian developer of a hotel in Moscow in LCIA proceedings and satellite proceedings in Cyprus.
  • Counsel to a European bank in Russian litigation for the recovery of a debt.
  • Counsel to a European engineering company in potential ICC proceedings for recovery of a debt against a Middle-Eastern buyer, including satellite litigation in Germany.
  • Counsel to the Russian subsidiary of a European manufacturer in relation to claims for the invalidation of contracts concluded by a former general director, and in relation to corporate governance issues in Russia.
  • Expert witness on English law issues in MKAS arbitration proceedings and in subsequent related Russian litigation.
  • Counsel to a US oil company in a dispute with an West African country, involving mediation under ICC Rules.
  • Counsel to a European energy company in an ICC arbitration against a Middle-Eastern contractor relating to the construction of offshore gas platforms.
  • Counsel to a European contractor in three separate ad hoc arbitrations against a Middle-Eastern State-owned entity relating to delay and disruption in the construction of a petrochemical complex.
  • Counsel to a oil company in a dispute with a West African Government relating to a production sharing agreement.
  • Counsel to a Central European state agency in two connected ad hoc arbitrations against a European bank relating to representations and warranties given in a share sale agreement.
  • Counsel to a European cement manufacturer defending an ICC claim brought by a quarry operator.
  • Counsel to an English rail company in an ad hoc arbitration against a foreign joint venture partner relating to revenue sharing arrangements.
  • Counsel to a French construction company in an arbitration against a Central European state agency relating to the construction of motorway tunnels.
  • Counsel to a French manufacturer in an ICC claim against a European licensee of technology.
  • Legal 500 2021: "Dominic Pellew is a great tactician."
  • Chambers 2021: Ranked in International Arbitration: Commercial Arbitration (UK Wide)
  • Chambers 2021: "He is a great strategist and has a lot of expertise." "His experience with and understanding of different cultures is very evident and is of invaluable assistance in times of stress."
  • Best Lawyers , 2010-2021: Leading lawyer in arbitration & mediation, international arbitration and litigation.
  • Pravo-300, 2019-2021: Leading lawyer in international arbitration in Russia.
  • Chambers Global and Chambers Europe , 2009-2021: Recommended lawyer in dispute resolution in Russia (experts based abroad).
  • Best Lawyers , 2016: Moscow International Arbitration "Lawyer of the Year".

Publications

  • Dec 2015: "The Effect of the EU Russia-related Sanctions on Arbitrators and Arbitral Institutions", Les Cahiers de l'Arbitrage 2015 No.3
  • Nov 2012: "Pismennaya stadiya razbiratel’stva v mezhdunarodnom arbitrazhe – nekotorye osobennosti protsedury angliiskovo tipa” ("The written phase of proceedings in international arbitration – some peculiarities of English-style procedure”), essays in honour of the 80th anniversary of MKAS, Statut, Moscow
  • Sep 2011: "The arbitrability of statutory shareholder claims under English law following the decision of the Court of Appeal in Fulham Football Club: a step forward or backwards for arbitration?”, paper given at ABA Conference on Resolution of CIS-Related Business Disputes, Moscow
  • Nov 2008: "Enforcement of International Arbitral Awards in Russia – Still a Mixed Picture" (co-written with Boris Karabelnikov) ICC Bulletin Vol 19 No.1 2008
  • Oct 2007: "Section 17 of the English Arbitration Act – Too Favourable for Claimants?" (co-written with Fredrik Sjovall) DIAC Journal Vol 2
  • Jan 2006: Commentary on a decision by the French Cour de cassation allowing enforcement of an award in France – Mezhdunarodny kommercheskiy arbitrazh (International Commercial Arbitration), 2006:1
  • Dec 2005: Commentary on a decision of the Russian Higher Arbitrazh Court allowing enforcement of an award in Russia – Stockholm International Arbitration Review 2005:1
  • Feb 2005: "Enforcement of the NOGA arbitral awards in France" – International Arbitration Law Review 2005:1
  • 2003: Commentary on a decision of the Russian Higher Arbitrazh Court refusing enforcement of an award in Russia, Stockholm International Arbitration Review, 2003:2
  • Jul 2002: "La caution judicatum solvi dans l’arbitrage international” ("Security for Costs in International Arbitration”), Le Juriste.

Speaking appearances

  • Feb 2015: "The Effect of the Current EU Sanctions on Russia-related Contracts", C5 conference on international dispute resolution involving Russian/CIS parties, London
  • Nov 2014: "Anti-Suit Injunctions", SCC seminar on International Dispute Resolution, Stockholm
  • May 2014: "Some Observations on the Current Proposed Reforms to Russian Arbitration Law", Russian Arbitration Day, Moscow
  • April 2014: "Arbitration under LCIA Rules", Forum on International Dispute Resolution, Almaty 
  • Feb 2014: "Should English arbitrators apply Russian mandatory rules?”, C5 conference on dispute resolution involving Russian/CIS parties, London
  • Feb 2013: "Interim Remedies in the English Courts – a Reason for Choosing a London Seat?”, C5 conference on dispute resolution involving Russian/CIS parties, London;
  • Dec 2012: Managing Investment Disputes”, AIPN conference, London
  • Nov 2011: "Remedies in International Arbitration”, SCC conference, Ekaterinburg
  • Nov 2011: "How Enforceable are Foreign (European) Awards in Russia?”, Kiev
  • May 2011: "Conflicts of Interest in Investment Arbitration” ILO conference, Moscow
  • Apr 2010: "Treatment of Foreign Investors in Russia, Kazakhstan and Azerbaijan" – University of Kiel conference series, Kiel
  • Nov 2009: "ICSID – Pros and Cons for the State and Investors", Russian Academy of Sciences, Moscow
  • Jun 2009: "Vidimye polnomochiya v angliyskom prave" ("Ostensible Authority in English Law") – ILC, Moscow Chamber of Commerce and CIArb conference in Moscow
  • Sep 2009: "The Role of Factual and Expert Witnesses in International Arbitration: Does the System Work?" – presentation to the Moscow Young Arbitrators' Group
  • Mar 2009: "Asset Protection through Interim Measures" – British Embassy, Moscow
  • Mar 2009: "Managing Joint Ventures with Local Entities – How to Minimise Risks" – ACI Summit on Anti-Corruption, Moscow
  • 2006-2007: Course on English commercial law taught to business school students at INSEEC, Paris
  • 2005-2007: Class on International Arbitration procedure taught at the Ecole de Formation du Barreau (EFB), Paris

Prior and Present Employment

  • Partner – Dentons (2014)
  • Partner – Baker Botts, London (2011-2013)
  • Partner –  Lovells, Moscow (2007-2010)
  • Associate – Herbert Smith (London, Moscow, Paris) (1995-2006)
  • Trainee – Herbert Smith, London (1993-1995).

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Debt Assignment and Assumption Agreement

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Debt Assignment and Assumption Agreement

A Debt Assignment and Assumption Agreement is a document by which a party's debt is transferred or assigned to another party . The debtor is the party that transfers its debt to an assignee, while the creditor is the party that the debtor owes money.

In a Loan Agreement or Promissory Note , the main parties are the creditor (or the lender), the debtor (or the borrower), and the guarantor (or guarantee, if applicable). Here, the debtor is required to repay the loan under certain terms and conditions. However, in some situations where the debtor may be unable to repay the loan or debt, the creditor may allow the debtor to assign the debt to another party (known as the assignee). Therefore, this document is used by a debtor to assign the entire or a portion of their debt to another party, who becomes liable to pay the assigned debts.

By signing this Debt Assignment, the assignee assumes the liability of the debt assigned to them. For example, the assignee becomes liable to repay the debt sum, and the debtor is released from liability, except the debtor is jointly liable.

Note that this document is different from the Guaranty Agreement , where a party agrees to repay a debt in the event of the debtor's default.

How to use this document

This is a simple and short document that requires the names and contact details of the parties, the debt sum, interest rate (if any), the terms of repayment, and other terms of the agreement.

After completing the document, the user should print the document and all the copies of the document should be signed by all the parties.

If either of the parties is a company, either two directors or one director and one company secretary should sign the document, and the common seal of the company may be affixed on the document. If either of the parties is any other organization other than a company, an officer of the organization should sign the document.

After signing the document, the parties should keep at least one signed copy of the document for their record.

The general rules of contract apply to this document.

How to modify the template

You fill out a form. The document is created before your eyes as you respond to the questions.

At the end, you receive it in Word and PDF formats. You can modify it and reuse it.

Other names for the document:

Agreement to Assign and Assume Debt, Agreement to Assume Debt, Agreement to Transfer and Assume Debt, Assignment and Assumption of Debt Agreement, Assignment and Assumption of Loan Agreement

Country: Nigeria

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debt assignment agreement parties

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  3. Debt Agreement Templates

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  4. Free Debt Assignment and Assumption Agreement

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COMMENTS

  1. Debt Assignment and Assumption Agreement

    A debt assignment agreement allows a person who owes money to assign the debt to someone else who assumes its obligation. This is common when a person takes possession of an asset where the seller still owes money. The buyer will purchase the asset and assume the debt. Lender's Approval

  2. Debt Assignment: How They Work, Considerations and Benefits

    Debt assignment is a transfer of debt, and all the associated rights and obligations, from a creditor to a third party (often a debt collector). The company assigning the debt may do so...

  3. Debt Assignment and Assumption Agreement

    A Debt Assignment and Assumption Agreement is a very simple document whereby one party assigns their debt to another party, and the other party agrees to take that debt on. The party that is assigning the debt is the original debtor; they are called the assignor.

  4. Assignment Of Debt Agreement: Definition & Sample

    An assignment of debt agreement is a legal document between a debtor and creditor that outlines the repayment terms. An assignment of debt agreement can be used as an alternative to bankruptcy, but several requirements must be met for it to work.

  5. Assignment Of Debt: Definition & Sample

    Assignment of debt is an agreement that transfer debt, rights, and obligations from a creditor to a third party. Assignment of debt agreements are commonly found when a creditor issues past due debt to a debt collection agency. The original lender will be relieved of all obligations and the agency will become the new owner of the debt.

  6. PDF SAMPLE Debt Assignment and Assumption with Release

    ASSIGNMENT OF DEBT. It is known that the Debtor is indebted to the Creditor, under a separate agreement, for the current principal sum of $150,000.00, plus any interest ("Debt"). Under this Agreement, the Assuming Party agrees to assume: (choose one) - All of the Debt. - Portion of the Debt. The Assuming Party agrees to assume $[PORTION OF

  7. Understanding an assignment and assumption agreement

    An assignment and assumption agreement is used after a contract is signed, in order to transfer one of the contracting party's rights and obligations to a third party who was not originally a party to the contract. The party making the assignment is called the assignor, while the third party accepting the assignment is known as the assignee.

  8. Assignment and assumption agreement—How-to guide

    Put in the effective date of the original agreement and the section number of that agreement that allows you to assign it. The title of this section is usually "Assignments" or "Modifications.". Section 1: Assignment. The party that is assigning its interest indicates here that this is its desire. Section 2: Assumption.

  9. PDF Debt Assignment and Assumption with Release

    ASSIGNMENT OF DEBT. It is known that the Debtor is indebted to the Creditor, under a separate agreement, for the current principal sum of $____________, plus any interest ("Debt"). Under this Agreement, the Assuming Party agrees to assume: (choose one) - All of the Debt. - Portion of the Debt. The Assuming Party agrees to assume $____________.

  10. Free Assignment Agreement Template

    An assignment agreement is a legal document that transfers rights, responsibilities, and benefits from one party (the "assignor") to another (the "assignee"). You can use it to reassign debt, real estate, intellectual property, leases, insurance policies, and government contracts. Table of Contents By Type What Is an Assignment Agreement?

  11. Debt Assignment and Assumption Agreement

    Article 1 - ASSIGNMENT: Assignor, an individual, hereby assigns, transfers, and conveys all of Assignor's debt (the "Debt") to Creditor, an individual, specifically in the total amount of $ ________ (________), to Assignee, an individual. Article 2 - JOINT LIABILITY AND ASSUMPTION:

  12. Assigning debts and other contractual claims

    In Promontoria (Henrico) Ltd v Melton [2019] EWHC 2243 (Ch) (26 June 2019), the High Court held that an assignment of a facility agreement and legal charges was valid, even though the debt assigned had to be identified by considering external evidence.

  13. What is an Assignment of Debt?

    An assignment of debt, in simple terms, is an agreement that transfers a debt owed to one entity, to another. A creditor does not need the consent of the debtor to assign a debt. Once a debt is properly assigned, all rights and responsibilities of the original creditor (the assignor) transfer to the new owner (the assignee).

  14. Ex 10.38

    In view of above, the parties agree as follows: 1. The Transferor and the WFOE agree to offset the Transferor's creditor rights on the Transfer Price (including the affiliated rights and claims) with the Transferor's debts on the Loan (including the interests) completely.

  15. Assignment Of Debt Agreement: Definition & Sample

    An assignment of debt agreement is a legal document between a debtor and creditor that outlines the repayment terms. An assignment of debt agreement can be used as an alternative to bankruptcy, but several requirements must be met for it to work. In addition, if obligations are not met under a debt agreement, it might still be necessary to file ...

  16. Contract Assignment Agreement

    Formats Word and PDF. Size 2 to 3 pages. 4.8 - 105 votes. Fill out the template. This Contract Assignment Agreement document is used to transfer rights and responsibilities under an original contract from one Party, known as the Assignor, to another, known as the Assignee. The Assignor who was a Party to the original contract can use this ...

  17. Creditor Rights Assignment Agreement Definition

    Define Creditor Rights Assignment Agreement. means the agreement drawn up mainly in the form of Annex 4 (Creditor Rights Assignment Agreement Form) or in any other form, whereby the Existing Creditor (as defined in Article 21 (Replacement of the Parties)) assigns its claims and (or) transfers its obligations under this Agreement to a New Creditor (as defined in Article 21 (Replacement of the ...

  18. PDF Loan Assignment Agreement

    and collectively as the "Parties." II. ASSIGNMENT OF DEBT. It is known that the Debtor is indebted to the Cre ditor, under a separate agreement, for the current principal sum of $_____, plus any interest ("Debt"). Under this Agreement, the Assuming Party agrees to assume: (choose one) ☐- All. of the Debt. ☐- Portion. of the Debt.

  19. Dentons

    Legal 500 2021: "Dominic Pellew is a great tactician."; Chambers 2021: Ranked in International Arbitration: Commercial Arbitration (UK Wide); Chambers 2021: "He is a great strategist and has a lot of expertise.""His experience with and understanding of different cultures is very evident and is of invaluable assistance in times of stress."

  20. Debt Assignment and Assumption Agreement

    A Debt Assignment and Assumption Agreement is a document whereby one party (the "assignor") assigns their debt to another party (the "assignee"), and the assignee agrees to pay the debt to the assignor's creditor. A Debt Assignment and Assumption Agreement presumes that there is a debt that the assignor needs to pay to the creditor.

  21. Information about the court

    In accordance with Federal Law No 102-F3, the Court hears all kinds of commercial cases, and those brought by both companies and by private individuals. They should have in their Contracts a clause which stipulates the Moscow Court of Arbitration or some separate agreement with it. The Court's hearings are held in Moscow (for non-Muscovites ...

  22. Debt Assignment and Assumption Agreement

    A Debt Assignment and Assumption Agreement is a document by which a party's debt is transferred or assigned to another party.The debtor is the party that transfers its debt to an assignee, while the creditor is the party that the debtor owes money. In a Loan Agreement or Promissory Note, the main parties are the creditor (or the lender), the debtor (or the borrower), and the guarantor (or ...

  23. Court of Commercial Arbitration

    Real debt collection ... A judge is chosen by the parties of the Presidium, ensuring the independence of the process. Personal data of judges is completely closed. ... to the Arbitration court from the first instance up to the first judicial decision upon the conclusion of an arbitration agreement by both parties.