Docstoc

Assignment of Letter of Credit

Document Sample
Assignment of Letter of Credit Powered By Docstoc
					This is an agreement that transfers the right to collect a specific debt from a creditor (the
"Assignor") to a third party (the "Assignee). The Assignee must pay something of value
in order for the transfer to be valid and binding and the Assignor verifies that the debt
actually exists and is free of any encumbrance. This document is ideal for small
businesses or individuals that wish to buy or sell the right to collect a specific debt.
                  ASSIGNMENT OF LETTER OF CREDIT

This assignment (the “Assignment”) is made on this ______ day of ______, 20____, by and
between _______________________ (hereinafter referred to as "Assignor"), with located at
______________________ and _____________________ (hereinafter referred to as
"Assignee"), located at ___________________.


In consideration of the covenants and obligations contained herein and FOR GOOD AND
VALUABLE CONSIDERATION, receipt and sufficiency of which is hereby acknowledged,
Assignor and Assignee represent and agree as follows:


1. The Assignor, in consideration of __________ dollars ($ ___________), hereby irrevocably
and unconditionally assigns and transfers to the Assignee all of its right, title and interest under
the Letter of Credit bearing No. _____________, dated ______________ and issued by
_________________.


2. Assignor hereby agrees to execute all papers necessary to perfect this Assignment.


3. The Assignor hereby covenants that it owns the said Letter of Credit free of any liens, charges
or other encumbrances and Assignor further covenants that from the date of this Assignment, the
Assignee shall have the sole rights as Beneficiary under this Letter of Credit and is entitled to
receive all proceeds payable under the Letter of Credit.


4. This Assignment shall be governed in accordance with the laws of the State of ________.
Any dispute, controversy or legal proceeding regarding this Assignment shall be resolved and
adjudicated in the Courts of the State of _________________.


IN WITNESS WHEREOF, this Assignment has been duly executed by the Assignor and
Assignee the day and date first above written.


ASSIGNOR _______________________


ASSIGNEE ______________________




© Copyright 2013 Docstoc Inc.                                                              2
NOTARIZATION


STATE OF _______________

COUNTY OF _____________


Before me this [insert date] personally appeared: [name of Assignor], to me known to be the
person who is described in and who executed the assignment instrument and acknowledged to
me that he executed the same of his own free will for the purpose therein expressed.

_____________________

Notary Public


My Commission Expires: ________


                                         (SEAL)




© Copyright 2013 Docstoc Inc.                                                     3
INFORMATION AND FORMS ARE PROVIDED "AS IS" WITHOUT ANY EXPRESS OR IMPLIED WARRANTY OF ANY KIND
INCLUDING WARRANTIES OF MERCHANTABILITY, NONINFRINGEMENT OF INTELLECTUAL PROPERTY, OR FITNESS
FOR ANY PARTICULAR PURPOSE. IN NO EVENT SHALL DOCSTOC, INC., OR ITS AGENTS, OFFICERS, ATTORNEYS,
ETC., BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, DAMAGES FOR LOSS OF
PROFITS, BUSINESS INTERRUPTION, LOSS OF INFORMATION) ARISING OUT OF THE USE OF OR INABILITY TO USE
THE MATERIALS, EVEN IF DOCSTOC HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. They are for
guidance and should be modified by you or your attorney to meet your specific needs and the laws of your state or jurisdiction. Use at
your own risk. Docstoc® is NOT providing legal or any other kind of advice and is not creating or entering into an Attorney-Client
relationship. The information, reports, and forms are not a substitute for the advice of your own attorney. The law is a personal matter
and no general information or forms or like the kind Docstoc provides can always correctly fit every circumstance.

Note: Carefully read and follow the Instructions and Comments contained in this document for your customization to suit your specific
circumstances and requirements. You will want to delete the Instructions and Comments from open bracket (“[“) to close bracket (“]”)
after reading and following them. You (or your attorney) may want to make additional modifications to meet your specific needs and the
laws of your state. The Instructions and Comments are not a substitute for the advice of your own attorney.

◊ Where within this document you see this symbol: ◊ or an instruction states “Insert any number you choose◊,” or something similar, or
there is a blank for the user to complete, please note that although Docstoc believes the information or number may be any that the user
chooses, and that there is no law governing what the information or number should be, you might want to verify this, including by
consulting with your own atto
				
DOCUMENT INFO
Description: This is an agreement that transfers the right to collect a specific debt from a creditor (the "Assignor") to a third party (the "Assignee). The Assignee must pay something of value in order for the transfer to be valid and binding and the Assignor verifies that the debt actually exists and is free of any encumbrance. This document is ideal for small businesses or individuals that wish to buy or sell the right to collect a specific debt.
This document is also part of a package Business Formation Starter Kit 12 Documents Included