Assignment of Promissory Note as Security

This Assignment of Promissory Note as Security will assign a promissory note to another. In this Assignment the Assignor (party making the assignment) will assign all amounts due under a promissory note to an Assignee (party receiving the assignment) as collateral security for indebtedness owed to the Assignee. This Assignment sets out the specific terms of the assignment including the name of borrower under the promissory note, the original amount of the note, its maturity date and the indebtedness for which this promissory note will act as security. It is crucial that this type of business transaction be memorialized in writing. A written Assignment of Promissory Note as Security will be useful in the event there are misunderstandings or disagreements between the parties. (continued ...)