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Book Debts

vendor, purchaser, assignment, hereby and column

BOOK DEBTS, like any other legal chores in action, may be the subject of a legal assignment. The assignment should be absolute, and not by way of charge only. Future debts may be assigned. Whether, in a particular case, a part of a debt may be assigned is a question which can be determined only after a consideration of the cases Foster v. Baker, and Skipper and Tucker v. Hollo way and Howard. The assignee takes the debts subject to any equities affecting the assignor ; that is to say, if, for example, the debtor has a set-off or counter-claim against his original creditor, the assignee takes the debt subject thereto. The assignment is required to be in writing, and notice thereof must be given to the debtor. Until such notice is given the assignment is not complete. The following is a convenient form of an assignment of book debts, the stamp required being the same as that on a conveyance :— This Indenture, made the fourteenth day of October one thousand nine hundred and one, Between John Jones, of 3 Cricklade Terrace, in the City of Salisbury, grocer (hereinafter called "the vendor"), of the one part, and Robert Holmes, of 17 Pretoria Road, in the same city, clerk (hereinafter called "the purchaser"), of the other part : Whereas the vendor bath for some time past carried on the business of a grocer at No. 3 Cricklade Terrace aforesaid, and in the course of such business the persons whose names and descriptions appear in the first column of the schedule hereto have become and now are indebted to the vendor in the sums set out in the second column of the said schedule against their names respectively : And whereas the purchaser hath agreed with the vendor for the purchase of the said debts for the sum of One hundred pounds, and the vendor bath delivered to the purchaser the books of account relating to the said debts, setting forth the amounts and particulars thereof : NOW this In denture witnesseth that in consideration of the premises, and of the sum of One hundred pounds to the vendor, paid by the purchaser on or before the execution hereof (the receipt whereof is hereby acknowledged), the vendor, as beneficial owner, hereby assigns unto the purchaser : All those the books and other debts now due and owing to him on account of his said trade from the persons mentioned in the first column of the schedule hereto, the amounts of which debts are set out in the second column against the names of such persons respectively : To hold the same unto the purchaser absolutely ; And the vendor hereby irrevocably appoints the purchaser his attorney for him, and in his name or otherwise to sue for, recover, and receive and give effectual discharges for the debts hereby assigned: And in addition to the covenants for title implied by law, the vendor hereby covenants with the purchaser that the said debts are correctly stated and set forth in the said books of account so as aforesaid delivered by the vendor to the purchaser. In witness whereof the said parties to these presents

have hereunto set their hands and seals the day and year first before written.

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