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Form #1307

Assignment for benefit of creditors

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Assignment for benefit of creditors

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Assignment for benefit of creditors.

This assignment made on _________, between _________, of _________, County of _________, State of _________, called debtor; _________, of _________, County of _________, State of _________, called trustee [he or she may be called "assignee"]; and the several persons, partnerships, associations, companies and corporations, creditors of _________, who have executed, or shall execute, or accede to this agreement, referred to as creditors, agree as follows:

Debtor is indebted to various persons in various sums of money, as is more particularly enumerated and set forth in a list attached to this document, marked Schedule A, and made a part of this document.

Debtor has become and is at present unable to pay the indebtedness, and is desirous of providing for payment of the indebtedness by assignment of all his [her] property and effects, except those that may be exempt to him [her] by the laws of the State of _________, for that purpose, as provided by _________[refer to governing statute].

Debtor, in consideration of these premises, conveys and assigns to trustee, his [her] successors and assigns,  all and singular, the real and personal property, credits, and effects of every description, belonging to debtor, whether in possession, reversion, remainder or expectancy, or except that property exempt by law from being taken on or by any legal process for benefit of any creditor, the property being fully and particularly enumerated and described in an inventory, under the oath of debtor, attached to this document, marked Schedule B and made a part of this document, to have and to hold, and every part, to trustee, his [her] successors and assigns, in trust, nevertheless, for the uses and purposes following:

1. To pay and discharge all the just and reasonable expenses, costs and charges of executing this assignment and of carrying into effect the trust created, together with a lawful commission to trustee for his [her] services in executing the trust.

2. To reduce the property to money as soon as can wisely and prudently be done, according to the best judgment of trustee;  and for such purpose, in his [her] discretion, he [she] may compromise claims, discount bills, and may complete, or refuse to complete, and cancel any contracts now in force to which debtor is a party, so that the largest sum possible under all circumstances may be realized.

3. To pay and discharge in full from the proceeds, after deducting all necessary costs, expenses and disbursements, including charges for the services of trustee, so far as the residue of the proceeds is sufficient for that purpose, claims of all creditors, ratably, and in proportion, in discharge of their debts by such installments and at such times as trustee shall think fit.

4. To pay any balance remaining to debtor, his [her] successors and assigns, to be held and disposed of by him [her] as if this conveyance had not been made.

In furtherance of this agreement, debtor appoints trustee his [her] true and lawful attorney with full power and authority to do all acts and things necessary to the full execution of the trust created, and to ask, demand, recover and receive of and from all and every person or persons all property, debts and demands due, owing, and belonging to debtor, and to give acquittances and discharges for them, to sue, prosecute, defend and implead for them, and to execute, acknowledge and deliver all necessary deeds, instruments and conveyances, with full power of substitution and revocation, ratifying and confirming all that attorney or attorneys shall do or cause to be done in the premises.

[Signature of debtor]

[Attestation, if statute requires]

[Acknowledgment of debtor if required by statute]

_________, trustee named above, accepts the trust created by these presents and agrees to faithfully perform them.

Dated _________.

[Signature of trustee]

Contributed by
AAA, LLC
 
Total Forms Contributed 69
 

See All AAA, LLC's Forms
 

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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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