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Form #1355Substitution of debtor
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Substitution of debtor
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Substitution of debtor.
Agreement made this _________ day of _________[year],
between A, of _________, party of the first part, B, of _________, party of the
second part, and C, of _________, party of the third part.
A contract dated the _________ day of _________[year],
relating to _________, was entered into between A and B, and A desires to be
released and discharged from it, and B has agreed to release A upon condition
that C undertakes to perform and be bound by the terms of the contract.
It is agreed between the parties as follows:
1. C agrees to perform the contract and be bound by
all the terms in all respects as if he [she] were the original party to the
contract in place of A.
2. B releases A from all claims and demands against A
in respect to the contract and accepts C in place of A as the substituted party
to the contract, and agrees with C to be bound by the terms of the contract in
all respects as if C was originally named in the contract as a party in place
of A.
In witness, etc.
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legal council before engaging in any action based upon content contained on this
site.
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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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