Section 9.6 Form of Assignment

• Library: Creditors' Remedies 2014 Forms

Assignment for the Benefit of Creditors

(Corporation Form—Common-Law Assignment)

An assignment is made this _____ day of _______________, ____, by [name of debtor] ______________, a ______________ corporation, having its principal place of business at [address], hereinafter called the Assignor, to [name of Assignee], [address], hereinafter called the Assignee.

Whereas, the Assignor is engaged in the business of ________________ at the above address and is indebted to various persons and is unable to pay these debts in full and desires to make a fair distribution of its assets among its creditors, and

Whereas, at a [type of meeting] meeting of the Board of Directors of the Assignor, duly held on the _____ day of ________________, ____, a resolution was duly adopted authorizing the president or other authorized officers of the Assignor to execute and deliver to the Assignee an assignment of all the assets of the Assignor for the benefit of its creditors.

Now, therefore, the Assignor, in consideration of the premises and of One Dollar ($1.00) paid by the Assignee, receipt of which is hereby acknowledged, does hereby sell, assign, transfer, convey, deliver, and unconditionally surrender unto the Assignee or [his/her] successor in office all its real, personal, and mixed property, of whatever nature and wherever situated, including its stock of merchandise, materials on hand, parts, furniture, fixtures, tools, and all cash and money on hand and in a bank or under the control of the Assignor, choses in action, bills and notes receivable, books, papers and records, leases, and good will, it being the intention of the Assignor hereby to transfer and deliver, absolutely and without reservation, all property of every kind and...