ASSIGNMENT BY WAY OF GIFT OF A SIMPLE CONTRACT DEBT BY FATHER IN FAVOUR OF SON

ASSIGNMENT BY WAY OF GIFT OF A SIMPLE CONTRACT DEBT BY FATHER IN FAVOUR OF SON

THIS DEED OF GIFT made the ________ day of __________

BETWEEN

_________________________________________________ (insert the name, address, etc. of donor) (hereinafter called the donor) of the ONE PART

AND

_______________________________________________ (insert the name, address, etc. of donor) (hereinafter called the donee) (the son of the donor) of the OTHER PART.

WHEREAS

________________________ [insert the name, address etc. of debtor] is indebted to the donor in the sum of Rs.__________ for [state how debt arose] [(the particulars of which are set out in the schedule hereto)] and the donor is desirous of assigning the said debt to the donee by way of gift.

NOW THIS DEED WITNESSETH that in consideration of his natural love and affection for the donee the donor hereby assigns unto the donee all that the said debt or sum of Rs.________ due and owing to the donor by the said [debtor] as aforesaid and all interest due and to become due for the same and the full benefit and advantage thereof TO HOLD the same unto the donee absolutely.

The donee hereby accepts the said gift.

[SCHEDULE]

IN WITNESS etc.

[Signature of the donor]