Assignment of Promissory Note
This document is a legal mechanism through which a person (“Assignee”) transfers his/her rights under a Promissory Note to another person (“Assignee”). The Assignee steps into the Assignor’s shoes and acquires all of his/her rights under the Promissory Note. The person who owes money under the Note will now have to pay it to the Assignee.
Assignor: transfers rights in the Promissory Note to the Assignee for a certain amount
Assignee: takes over Assignor’s rights under the Promissory Note and pays Assignor a certain amount to do so
Creditor: person who will receive payment as indicated in the Promissory Note
Debtor: person who will pay an amount to the Creditor as indicated in the Promissory Note
When to use this Lease?
To be used when the Creditor of a Promissory Note wishes to transfer his rights under it for a certain amount of money in return
Before completing this form, please:
- Obtain a copy of the Promissory Note. This copy should be added to Schedule A of the Assignment.
- Obtain the following information (can be found in the Promissory Note):
a. Name of Creditor and Debtor
b. Value of the Note
c. Annual interest payable on this value
d. Date on which amounts are due under the Note
e. Date of the Promissory Note
- Determine the names and addresses of the Assignor and Assignee
- Determine the amount to be paid by the Assignee to the Assignor
Specifications of this agreement
- The Assignor and Assignee under this Assignment can be individuals, registered businesses, corporations or partnerships.
- This Agreement includes an option for the Assignee to pay the Assignor on the same date as the Assignment or on another date.
Fill out the form below to preview your contract for free.