Free Assignment of Specific Accounts as Security
This Assignment of Specific Account as Security is between the assignor who is assigning the accounts and the assignee to which the accounts are transferred. This assignment sets out the names of the parties, the specific accounts and debts being assigned and the amount assignee is paying for the assigned collateral.
Disclaimer:This was not drafted by an attorney & should not be used as a legal document.
ASSIGNMENT OF SPECIFIC ACCOUNT AS SECURITY
THIS ASSIGNMENT OF SPECIFIC ACCOUNT AS SECURITY dated this ____ day of ______________, _____ by and between: _________________________________________________________ of ___________________________________________________________________________ (the "Assignee"), __________________________________________________________________ of _______________________________________ __________________________ (the "Assignor").
The parties agree as follows:
The Assignor assigns the following Accounts and book debts: _______________________________ _________________________________________________________________________________________________________________________________________________________ (“Account”).
The Assignor grants, assigns, transfers and sets over unto the Assignee his entire right, title and interest in and to the Account as a general and continuing collateral security for payment of all present and future indebtedness of the Assignor.
As consideration for the assignment, the Assignee agrees to pay to the Assignor, concurrently with the execution of this Agreement, the sum of $________________________.
The Assignor has good and marketable title to the Accounts, 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.