Free Assignment of Promissory Note as Security
This Assignment of Promissory Note as Security is between an assignor (original holder of the note) and an assignor who will now hold the note. This assignment sets out the names of the borrower, amount of note plus interest and assignor’s warranty. This Assignment of Promissory Note must be signed by both parties.
Disclaimer:This was not drafted by an attorney & should not be used as a legal document.
ASSIGNMENT OF PROMISSORY NOTE AS SECURITY
THIS ASSIGNMENT OF PROMISSORY NOTE AS SECURITY dated this ____ day of ________________, __________ by and between: _______________________________________________________ of ____________________________________________________________________ (the "Assignee"), _______________________________________________________________________________ of _____________________________________________ ______________________ (the "Assignor").
The parties agree as follows:
The Assignor assigns the Promissory Note dated ___________ from _________________________ to ____________________________________________________________ in the principal sum of $___________________________, together with interest thereon (“Promissory Note”).
The Assignor grants, assigns, transfers and sets over unto the Assignee his entire right, title and interest in and to the Promissory Note as a general and continuing collateral security for payment of all present and future indebtedness of the Assignor.
The Assignor has good and marketable title to the Promissory Note, free and clear of any mortgage, charge, security interest, lien, claim or other encumbrance of any nature or kind whatsoever.
The Assignor hereby agrees to indemnify and save harmless the Assignee from all costs, damages, expenses and other losses resulting or arising from the breach or untruth of any covenant, warranty or representation made or given by the Assignor hereunder.
IN WITNESS WHEREOF this agreement was signed by the parties hereto as of the day and year first above written.