Assignment of Debt - Absolute

This Assignment of Debt is between a party to whom a debt is owed (also known as the "assignor") and another party who agrees to assume the debt (also known as the "assignee"). This agreement sets out the names of all parties, including the debtor, and the total amount of the debt. It also sets out the amount of money the assignee will pay to assignor (usually an amount less than the debt) for the assumption. It is imperative that this type of business assignment be clearly set out in writing. (continued ...)