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Pennsylvania General Assignment Agreement

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This General Assignment Agreement is a contract whereby an insolvent entity ("Assignor") transfers legal and equitable title, as well as control of its property, to a third party ("Assignor") in trust, to apply the proceeds of sale to the assignor's creditors. A general assignment is an alternative to bankruptcy and is structured to save time and expense in concluding the affairs of an insolvent company. Through a general assignment, the insolvent company's assets can be sold quickly and efficiently, and the liquidation proceeds will be distributed to creditors shortly thereafter. This document should be used by insolvent companies located in Pennsylvania as an alternative to filing bankruptcy.

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									General Assignment


                          This General Assignment is a voluntary transfer of all property by a debtor to an
                          assignee for settlement of his or her obligations.
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                                                                                                Attorney Drafted
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                                   GENERAL AGREEMENT

THIS AGREEMENT, made this _____ [Month] ____ [Date], 20____ by and between
_____________________________ [Instruction: Insert the name of individual/company]
hereinafter referred to as the “First Party” and _____________________________ [Instruction:
Insert the name of individual/company] hereinafter referred to as the “Second Party”.


In consideration of the mutual covenants and agreements to be kept and performed on the part of
said parties hereto, respectively as herein stated, the First Party does hereby covenant and agree
that it shall:

1. ___________________________________________________________________________
   ___________________________________________________________________________
   ___________________________________________________________________________
   __________________________________________________________________________

   [Instruction: Insert the obligation of first party]

2. And the said Second Party covenants and agrees that it shall:

   ___________________________________________________________________________
   ___________________________________________________________________________
   ___________________________________________________________________________
   __________________________________________________________________________

   [Instruction: Insert the obligation of second party]

3. Other      terms     to    be     observed    by      and      between the parties:
   ___________________________________________________________________________
   ___________________________________________________________________________
   ___________________________________________________________________________
   ___________________________________________________________________________
   [Instruction: Insert any additional terms between the parties]

4. This Agreement shall remain in full force and effect, for a period                          of
   ___________________________ [Instruction: Insert term of the agreement].

   This agreement shall be binding upon the parties, their successors, assigns and personal
   representatives. Time is of the essence on all undertakings. This agreement shall be enforced
   under the laws of the State of Pennsylvania. This is the entire agreement.




© Copyright 2011 Docstoc Inc. registered document proprietary, copy not               2
IN WITNESS WHEREOF this Agreement has been signed the day and year first above
written.

Signed in the presence of:

____________________________________
____________________________________

[Instruction: Insert signature of witness #1]        [Instruction: Insert signature of first party]

____________________________________
______________________________________

[Instruction: Insert signature of witness #2]      [Instruction: Insert signature of second
party]




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