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Debt Assignment: How They Work, Considerations and Benefits

Daniel Liberto is a journalist with over 10 years of experience working with publications such as the Financial Times, The Independent, and Investors Chronicle.

Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University.

Katrina Ávila Munichiello is an experienced editor, writer, fact-checker, and proofreader with more than fourteen years of experience working with print and online publications.

Investopedia / Ryan Oakley

What Is Debt Assignment?

The term debt assignment refers to a transfer of debt, and all the associated rights and obligations, from a creditor to a third party. The assignment is a legal transfer to the other party, who then becomes the owner of the debt . In most cases, a debt assignment is issued to a debt collector who then assumes responsibility to collect the debt.

Key Takeaways

• Debt assignment is a transfer of debt, and all the associated rights and obligations, from a creditor to a third party (often a debt collector).
• The company assigning the debt may do so to improve its liquidity and/or to reduce its risk exposure.
• The debtor must be notified when a debt is assigned so they know who to make payments to and where to send them.
• Third-party debt collectors are subject to the Fair Debt Collection Practices Act (FDCPA), a federal law overseen by the Federal Trade Commission (FTC).

How Debt Assignments Work

When a creditor lends an individual or business money, it does so with the confidence that the capital it lends out—as well as the interest payments charged for the privilege—is repaid in a timely fashion. The lender , or the extender of credit , will wait to recoup all the money owed according to the conditions and timeframe laid out in the contract.

In certain circumstances, the lender may decide it no longer wants to be responsible for servicing the loan and opt to sell the debt to a third party instead. Should that happen, a Notice of Assignment (NOA) is sent out to the debtor , the recipient of the loan, informing them that somebody else is now responsible for collecting any outstanding amount. This is referred to as a debt assignment.

The debtor must be notified when a debt is assigned to a third party so that they know who to make payments to and where to send them. If the debtor sends payments to the old creditor after the debt has been assigned, it is likely that the payments will not be accepted. This could cause the debtor to unintentionally default.

When a debtor receives such a notice, it's also generally a good idea for them to verify that the new creditor has recorded the correct total balance and monthly payment for the debt owed. In some cases, the new owner of the debt might even want to propose changes to the original terms of the loan. Should this path be pursued, the creditor is obligated to immediately notify the debtor and give them adequate time to respond.

The debtor still maintains the same legal rights and protections held with the original creditor after a debt assignment.

Special Considerations

Third-party debt collectors are subject to the Fair Debt Collection Practices Act (FDCPA). The FDCPA, a federal law overseen by the Federal Trade Commission (FTC), restricts the means and methods by which third-party debt collectors can contact debtors, the time of day they can make contact, and the number of times they are allowed to call debtors.

If the FDCPA is violated, a debtor may be able to file suit against the debt collection company and the individual debt collector for damages and attorney fees within one year. The terms of the FDCPA are available for review on the FTC's website .

Benefits of Debt Assignment

There are several reasons why a creditor may decide to assign its debt to someone else. This option is often exercised to improve liquidity  and/or to reduce risk exposure. A lender may be urgently in need of a quick injection of capital. Alternatively, it might have accumulated lots of high-risk loans and be wary that many of them could default . In cases like these, creditors may be willing to get rid of them swiftly for pennies on the dollar if it means improving their financial outlook and appeasing worried investors. At other times, the creditor may decide the debt is too old to waste its resources on collections, or selling or assigning it to a third party to pick up the collection activity. In these instances, a company would not assign their debt to a third party.

Criticism of Debt Assignment

The process of assigning debt has drawn a fair bit of criticism, especially over the past few decades. Debt buyers have been accused of engaging in all kinds of unethical practices to get paid, including issuing threats and regularly harassing debtors. In some cases, they have also been charged with chasing up debts that have already been settled.

Federal Trade Commission. " Fair Debt Collection Practices Act ." Accessed June 29, 2021.

Federal Trade Commission. " Debt Collection FAQs ." Accessed June 29, 2021.

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Assignment Of Debt Agreement: Definition & Sample

Jump to section, what is an assignment of debt agreement.

An assignment of debt agreement is a legal document between a debtor and creditor that outlines the repayment terms. An assignment of debt agreement can be used as an alternative to bankruptcy, but several requirements must be met for it to work.

In addition, if obligations are not met under a debt agreement, it might still be necessary to file for bankruptcy later on. Therefore, consulting with an attorney specializing in debt agreements is always recommended before entering into one of these contracts.

Assignment Of Debt Agreement Sample

Reference : Security Exchange Commission - Edgar Database, EX-10 5 exhibit1024f10qsbmay04.htm EXHIBIT 10.24 , Viewed December 20, 2021, View Source on SEC .

Who Helps With Assignment Of Debt Agreements?

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ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.

Meet some of our Assignment Of Debt Agreement Lawyers

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Debt Assignment: Understanding the Mechanics, Risks, and Benefits with Real-world Examples

Last updated 03/19/2024 by

Fact checked by

What is debt assignment?

How debt assignments work, special considerations, criticism of debt assignment.

• Enhanced liquidity for creditors.
• Risk reduction by divesting high-risk loans.
• Quick injection of capital for urgent financial needs.
• Opportunity to free up resources from aging debts.
• Potential for unethical practices by debt collectors.
• Allegations of harassment and threats towards debtors.
• Risk of pursuing debts that have already been settled.

Frequently asked questions

Is debt assignment legal, can a debtor reject a debt assignment, how does debt assignment impact the debtor’s credit score, what recourse do debtors have if faced with unethical debt collection practices, key takeaways.

• Debt assignment involves the legal transfer of debt and associated rights to a third party.
• Notification to the debtor is crucial to prevent unintentional default and ensure proper payment channels.
• Third-party debt collectors operate under the Fair Debt Collection Practices Act (FDCPA).
• Creditors may assign debt to improve liquidity, reduce risk exposure, or deal with aging debts.
• Debt assignment has faced criticism for unethical practices by some debt buyers.

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• How Does Debt Assignment Work?

Chloe Meltzer | December 07, 2023

Legal Expert Chloe Meltzer, MA

Chloe Meltzer is an experienced content writer specializing in legal content creation. She holds a degree in English Literature from Arizona State University, complemented by a Master’s in Marketing from California Polytechnic State University-San Luis Obispo.

Edited by Hannah Locklear

Editor at SoloSuit Hannah Locklear, BA

Hannah Locklear is SoloSuit’s Marketing and Impact Manager. With an educational background in Linguistics, Spanish, and International Development from Brigham Young University, Hannah has also worked as a legal support specialist for several years.

Summary: What are your options when your debt has been assigned to a debt collector? Find out why a creditor might have assigned your debt and how to deal with it.

Debt assignment refers to a transfer of debt. This includes all of the associated rights and obligations, as it goes from a creditor to a third party. Debt assignment is essentially the legal transfer of debt to a debt collector (or debt collection agency). After this agency purchases the debt, they will have the responsibility to collect the debt, meaning you will pay your debt to them.

File a response with SoloSuit to win against debt collectors.

Find Out How Debt Assignment Works

When a creditor or lender no longer wants to be responsible for attempting to collect your debt, they will sell your debt to a third party. When this occurs, a Notice of Assignment (NOA) is sent out to you. This should inform you of who is responsible for collecting the rest of your loan or debt.

Legally you must be notified if your debt is assigned to someone new. This is to ensure that you know where to make payments to. If you are not aware of the new assignment, you may send payments to the wrong location which could force you into unintentional default.

Know How the FDCPA Protects You

Third-party debt collectors must act according to the Fair Debt Collection Practices Act (FDCPA). This federal law restricts the methods by which a debt collector can contact you, and attempt to collect debts. The FDCPA regulates the time of day or night a collector can make contact, how often they can call, as well as what they say and how they say it.

If you believe that a debt collector has violated the FDCPA, then you may be able to file a suit against that company. You may also be able to sue for damages or attorney fees.

Stand up to debt collection agencies with SoloSuit.

Learn Why a Creditor Assigns Debt

There are a few reasons why a creditor may assign your debt. Typically, the most common reason is to reduce their risk. By assigning and selling the debt it is no longer their liability. They can ensure they recoup some of their money, and appease investors as well.

Discover How Purchasing a Debt Differs from Debt Assignment

The purchase of debt occurs before assignment. Before the assignment of delinquent debt, a collection agency will be required to purchase it. This is often done at a far lower price, while they still attempt to recoup the entire debt. Because of this, it allows you to attempt to settle your debt for less.

Understand Why Debt Assignment Is Often Criticized

The process of assigning debt is often seen as unethical. With threats, harassment, and lies of all kinds, many debt buyers have been accused of violating the FDCPA. Because of this, debt assignment has seen a good amount of criticism. Some cases have even seen consumers charged with debts that have already been settled or paid .

Nevertheless, this shows how important it is to be on top of your debts. The number one choice you should make with any debt or debt assignment is to respond to all correspondence. This will ensure that you stay in compliance, and act when you need to.

What is SoloSuit?

SoloSuit makes it easy to respond to a debt collection lawsuit.

How it works: SoloSuit is a step-by-step web-app that asks you all the necessary questions to complete your answer. Upon completion, you can either print the completed forms and mail in the hard copies to the courts or you can pay SoloSuit to file it for you and to have an attorney review the document.

Respond with SoloSuit

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>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate

>>Read the NPR story on SoloSuit: A Student Solution To Give Utah Debtors A Fighting Chance

How to Answer a Summons for debt collection in all 50 states

Here's a list of guides on how to respond to a debt collection lawsuit in each state:

The Ultimate 50 State Guide

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• Rhode Island
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• South Dakota
• Vermont ; Vermont (Small Claims court)
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Guides on how to resolve debt with every debt collector

Are you being sued by a debt collector? We’re making guides on how to resolve debt with each one.

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Resolve your debt with your creditor

Some creditors, banks, and lenders have an internal collections department. If they come after you for a debt, Solosuit can still help you respond and resolve the debt. Here’s a list of guides on how to resolve debt with different creditors.

• American Express ; American Express – Debt Collection
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Settle your medical debt

Having a health challenge is stressful, but dealing medical debt on top of it is overwhelming. Here are some resources on how to manage medical debt.

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Guides on arbitration

If the thought of going to court stresses you out, you’re not alone. Many Americans who are sued for credit card debt utilize a Motion to Compel Arbitration to push their case out of court and into arbitration.

Below are some resources on how to use an arbitration clause to your advantage and win a debt lawsuit.

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Stop calls from debt collectors

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• 1-800-390-7584
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Federal debt collection laws can protect you

Knowing your rights makes it easier to stand up for your rights. Below, we’ve compiled all our articles on federal debt collection laws that protect you from unfair practices.

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Get debt relief in your state

We’ve created a specialized guide on how to find debt relief in all 50 states, complete with steps to take to find relief, state-specific resources, and more.

Debt collection laws in all 50 states

Debt collection laws vary by state, so we have compiled a guide to each state’s debt collection laws to make it easier for you to stand up for your rights—no matter where you live.

• Debt Collection Laws in Alabama
• Debt Collection Laws in Alaska
• Debt Collection Laws in Arizona
• Debt Collection Laws in Arkansas
• Debt Collection Laws in California
• Debt Collection Laws in Colorado
• Debt Collection Laws in Connecticut
• Debt Collection Laws in Delaware
• Debt Collection Laws in Florida
• Debt Collection Laws in Georgia
• Debt Collection Laws in Hawaii
• Debt Collection Laws in Kansas
• Debt Collection Laws in Idaho
• Debt Collection Laws in Illinois
• Debt Collection Laws in Indiana
• Debt Collection Laws in Iowa
• Debt Collection Laws in Kentucky
• Debt Collection Laws in Louisiana
• Debt Collection Laws in Massachusetts
• Debt Collection Laws in Michigan
• Debt Collection Laws in Minnesota
• Debt Collection Laws in Mississippi
• Debt Collection Laws in Missouri
• Debt Collection Laws in Montana
• Debt Collection Laws in Nebraska
• Debt Collection Laws in Nevada
• Debt Collection Laws in New Hampshire
• Debt Collection Laws in New Jersey
• Debt Collection Laws in New Mexico
• Debt Collection Laws in New York
• Debt Collection Laws in North Carolina
• Debt Collection Laws in North Dakota
• Debt Collection Laws in Ohio
• Debt Collection Laws in Oklahoma
• Debt Collection Laws in Oregon
• Debt Collection Laws in Pennsylvania
• Debt Collection Laws in Rhode Island
• Debt Collection Laws in South Carolina
• Debt Collection Laws in South Dakota
• Debt Collection Laws in Tennessee
• Debt Collection Laws in Texas
• Debt Collection Laws in Vermont
• Debt Collection Laws in Virginia
• Debt Collection Laws in Washington
• Debt Collection Laws in West Virginia
• Debt Collection Laws in Wisconsin
• Debt Collection Laws in Wyoming

Statute of limitations on debt state guides

Like all debt collection laws, the statute of limitations on debt varies by state. So, we wrote a guide on each state’s statutes. Check it out below.

Statute of Limitations on Debt Collection by State (Best Guide)

• Statute of Limitations on Debt Collection in Alabama
• Statute of Limitations on Debt Collection in Alaska
• Statute of Limitations on Debt Collection in Arizona
• Statute of Limitations on Debt Collection in Arkansas
• Statute of Limitations on Debt Collection in California
• Statute of Limitations on Debt Collection in Connecticut
• Statute of Limitations on Debt Collection in Colorado
• Statute of Limitations on Debt Collection in Delaware
• Statute of Limitations on Debt Collection in Florida
• Statute of Limitations on Debt Collection in Georgia
• Statute of Limitations on Debt Collection in Hawaii
• Statute of Limitations on Debt Collection in Illinois
• Statute of Limitations on Debt Collection in Indiana
• Statute of Limitations on Debt Collection in Iowa
• Statute of Limitations on Debt Collection in Kansas
• Statute of Limitations on Debt Collection in Louisiana
• Statute of Limitations on Debt Collection in Maine
• Statute of Limitations on Debt Collection in Maryland
• Statute of Limitations on Debt Collection in Michigan
• Statute of Limitations on Debt Collection in Minnesota
• Statute of Limitations on Debt Collection in Mississippi
• Statute of Limitations on Debt Collection in Missouri
• Statute of Limitations on Debt Collection in Montana
• Statute of Limitations on Debt Collection in Nebraska
• Statute of Limitations on Debt Collection in Nevada
• Statute of Limitations on Debt Collection in New Hampshire
• Statute of Limitations on Debt Collection in New Jersey
• Statute of Limitations on Debt Collection in New Mexico
• Statute of Limitations on Debt Collection in New York
• Statute of Limitations on Debt Collection in North Carolina
• Statute of Limitations on Debt Collection in North Dakota
• Statute of Limitations on Debt Collection in Oklahoma
• Statute of Limitations on Debt Collection in Oregon
• Statute of Limitations on Debt Collection in Oregon (Complete Guide)
• Statute of Limitations on Debt Collection in Pennsylvania
• Statute of Limitations on Debt Collection in Rhode Island
• Statute of Limitations on Debt Collection in South Carolina
• Statute of Limitations on Debt Collection in South Dakota
• Statute of Limitations on Debt Collection in Tennessee
• Statute of Limitations on Debt Collection in Texas
• Statute of Limitations on Debt Collection in Utah
• Statute of Limitations on Debt Collection in Vermont
• Statute of Limitations on Debt Collection in Virginia
• Statute of Limitations on Debt Collection in Washington
• Statute of Limitations on Debt Collection in West Virginia
• Statute of Limitations on Debt Collection in Wisconsin
• Statute of Limitations on Debt Collection in Wyoming

Check the status of your court case

Don’t have time to go to your local courthouse to check the status of your case? We’ve created a guide on how to check the status of your case in every state, complete with online search tools and court directories.

• Alabama Court Case Search—Find Your Lawsuit
• Alaska Court Case Search — Find Your Lawsuit
• Arizona Court Case Search - Find Your Lawsuit
• Arkansas Court Case Search — Find Your Lawsuit
• California Court Case Search- Find Your Lawsuit
• Colorado Court Case Search — Find Your Lawsuit
• Connecticut Case Lookup — Find Your Court Case
• Delaware Court Case Search — Find Your Lawsuit
• Florida Court Case Search — Find Your Lawsuit
• Georgia Court Case Search — Find Your Lawsuit
• Hawaii Court Case Search — Find Your Lawsuit
• Idaho Court Case Search – Find Your Lawsuit
• Illinois Court Case Search — Find Your Lawsuit
• Indiana Court Case Search — Find Your Lawsuit
• Iowa Court Case Search — Find Your Lawsuit
• Kansas Court Case Search — Find Your Lawsuit
• Kentucky Court Case Search — Find Your Lawsuit
• Louisiana Court Case Search — Find Your Lawsuit
• Maine Court Case Search — Find Your Lawsuit
• Maryland Court Case Search — Find Your Lawsuit
• Massachusetts Court Case Search — Find Your Lawsuit
• Michigan Court Case Search — Find Your Lawsuit
• Minnesota Court Case Search — Find Your Lawsuit
• Mississippi Court Case Search — Find Your Lawsuit
• Missouri Court Case Search — Find Your Lawsuit
• Montana Court Case Search — Find Your Lawsuit
• Nebraska Court Case Search — Find Your Lawsuit
• Nevada Court Case Search — Find Your Lawsuit
• New Hampshire Court Case Search — Find Your Lawsuit
• New Jersey Court Case Search—Find Your Lawsuit
• New Mexico Court Case Search - Find Your Lawsuit
• New York Case Search — Find Your Lawsuit
• North Carolina Court Case Search — Find Your Lawsuit
• North Dakota Court Case Search �� Find Your Lawsuit
• Ohio Court Case Search — Find Your Lawsuit
• Oklahoma Court Case Search — Find Your Lawsuit
• Oregon Court Case Search — Find Your Lawsuit
• Pennsylvania Court Case Search — Find Your Lawsuit
• Rhode Island Court Case Search — Find Your Lawsuit
• South Carolina Court Case Search — Find Your Lawsuit
• South Dakota Court Case Search — Find Your Lawsuit
• Tennessee Court Case Search — Find Your Lawsuit
• Texas Court Case Search — Find Your Lawsuit
• Utah Court Case Search — Find Your Lawsuit
• Vermont Court Case Search — Find Your Lawsuit
• Virginia Court Case Search — Find Your Lawsuit
• Washington Court Case Search — Find Your Lawsuit
• West Virginia Court Case Search — Find Your Lawsuit
• Wisconsin Court Case Search — Find Your Lawsuit
• Wyoming Court Case Search — Find Your Lawsuit

How to stop wage garnishment in your state

Forgot to respond to your debt lawsuit? The judge may have ordered a default judgment against you, and with a default judgment, debt collectors can garnish your wages. Here are our guides on how to stop wage garnishment in all 50 states.

• Stop Wage Garnishment in Alabama
• Stop Wage Garnishment in Alaska
• Stop Wage Garnishment in Arizona
• Stop Wage Garnishment in Arkansas
• Stop Wage Garnishment in California
• Stop Wage Garnishment in Colorado
• Stop Wage Garnishment in Connecticut
• Stop Wage Garnishment in Delaware
• Stop Wage Garnishment in Florida
• Stop Wage Garnishment in Georgia
• Stop Wage Garnishment in Hawaii
• Stop Wage Garnishment in Idaho
• Stop Wage Garnishment in Illinois
• Stop Wage Garnishment in Indiana
• Stop Wage Garnishment in Iowa
• Stop Wage Garnishment in Kansas
• Stop Wage Garnishment in Kentucky
• Stop Wage Garnishment in Louisiana
• Stop Wage Garnishment in Maine
• Stop Wage Garnishment in Maryland
• Stop Wage Garnishment in Massachusetts
• Stop Wage Garnishment in Michigan
• Stop Wage Garnishment in Minnesota
• Stop Wage Garnishment in Mississippi
• Stop Wage Garnishment in Missouri
• Stop Wage Garnishment in Montana
• Stop Wage Garnishment in Nevada
• Stop Wage Garnishment in New Hampshire
• Stop Wage Garnishment in New Jersey
• Stop Wage Garnishment in New Mexico
• Stop Wage Garnishment in New York
• Stop Wage Garnishment in North Carolina
• Stop Wage Garnishment in North Dakota
• Stop Wage Garnishment in Ohio
• Stop Wage Garnishment in Oklahoma
• Stop Wage Garnishment in Oregon
• Stop Wage Garnishment in Pennsylvania
• Stop Wage Garnishment in Rhode Island
• Stop Wage Garnishment in South Carolina
• Stop Wage Garnishment in South Dakota
• Stop Wage Garnishment in Tennessee
• Stop Wage Garnishment In Texas
• Stop Wage Garnishment In Utah
• Stop Wage Garnishment in Vermont
• Stop Wage Garnishment in Virginia
• Stop Wage Garnishment in Washington
• Stop Wage Garnishment in West Virginia
• Stop Wage Garnishment in Wisconsin
• Stop Wage Garnishment in Wyoming

Other wage garnishment resources

• Bank Account Garnishment and Liens in Texas
• Can I Stop Wage Garnishment?
• Can My Wife's Bank Account Be Garnished for My Debt?
• Can Payday Loans Garnish Your Wages?
• Can pensions be garnished?
• Can Private Disability Payments Be Garnished?
• Can Social Security Disability Be Garnished?
• Can They Garnish Your Wages for Credit Card Debt?
• Can You Stop a Garnishment Once It Starts?
• Guide to Garnishment Limits by State
• How Can I Stop Wage Garnishments Immediately?
• How Long Before a Creditor Can Garnish Wages?
• How Long Does It Take to Get Garnished Wages Back?
• How to Fight a Wage Garnishment
• How to Prevent Wage Garnishment
• How to Stop a Garnishment
• How to Stop Social Security Wage Garnishment
• How to Stop Wage Garnishment — Everything You Need to Know
• New York Garnishment Laws – Overview
• Ohio Garnishment Laws — What They Say
• Wage Garnishment Lawyer
• What Is Wage Garnishment?

How to settle a debt in your state

Debt settlement is one of the most effective ways to resolve a debt and save money. We’ve created a guide on how to settle your debt in all 50 states. Find out how to settle in your state with a simple click and explore other debt settlement resources below.

• How to Settle a Debt in Alabama
• How to Settle a Debt in Alaska
• How to Settle a Debt in Arizona
• How to Settle a Debt in Arkansas
• How to Settle a Debt in California
• How to Settle a Debt in Colorado
• How to Settle a Debt in Delaware
• How to Settle a Debt in Florida
• How to Settle a Debt in Hawaii
• How to Settle a Debt in Idaho
• How to Settle a Debt in Illinois
• How to Settle a Debt in Indiana
• How to Settle a Debt in Iowa
• How to Settle a Debt in Kansas
• How to Settle a Debt in Kentucky
• How to Settle a Debt in Louisiana
• How to Settle a Debt in Maryland
• How to Settle a Debt in Massachusetts
• How to Settle a Debt in Michigan
• How to Settle a Debt in Minnesota
• How to Settle a Debt in Mississippi
• How to Settle a Debt in Missouri
• How to Settle a Debt in Montana
• How to Settle a Debt in Nebraska
• How to Settle a Debt in Nevada
• How to Settle a Debt in New Hampshire
• How to Settle a Debt in New Jersey
• How to Settle a Debt in New Mexico
• How to Settle a Debt in New York
• How to Settle a Debt in North Carolina
• How to Settle a Debt in North Dakota
• How to Settle a Debt in Ohio
• How to Settle a Debt in Oklahoma
• How to Settle a Debt in Oregon
• How to Settle a Debt in Pennsylvania
• How to Settle a Debt in South Carolina
• How to Settle a Debt in South Dakota
• How to Settle a Debt in Tennessee
• How to Settle a Debt in Texas
• How to Settle a Debt in Utah
• How to Settle a Debt in Vermont
• How to Settle a Debt in Virginia
• How to Settle a Debt in West Virginia
• How to Settle a Debt in Wisconsin
• How to Settle a Debt in Wyoming

How to settle with every debt collector

Not sure how to negotiate a debt settlement with a debt collector? We are creating guides to help you know how to start the settlement conversation and increase your chances of coming to an agreement with every debt collector.

• American Express
• Capitol One
• Cavalry SPV
• Midland Funding
• Moore Law Group
• Navy Federal
• NCB Management Services
• Portfolio Recovery

Other debt settlement resources

• Best Debt Settlement Companies
• Can I Settle a Debt After Being Served?
• Can I Still Settle a Debt After Being Served?
• Can You Settle a Warrant in Debt Before Court?
• Debt Management vs. Debt Settlement
• Debt Settlement Pros and Cons
• Debt Settlement Scam
• Do I Need to Hire a Debt Settlement Lawyer?
• Do You Need a Debt Settlement Attorney in Houston Texas?
• Do You Owe Taxes on Settled Debt?
• Here’s a Sample Letter to Collection Agencies to Settle Debt
• How Can I Settle My Credit Card Debt Before Going to Court?
• How Do I Know if a Debt Settlement Company Is Legitimate?
• How Long Does a Lawsuit Take to Settle?
• How Much Do Settlement Companies Charge?
• How I Settled My Credit Card Debt With Discover
• How to Make a Debt Settlement Agreement
• How to Make a Settlement Offer to Navient
• How to Negotiate a Debt Settlement with a Law Firm
• How to send Santander a settlement letter
• How to Settle Debt for Pennies on the Dollar
• How to Settle Debt in 3 Steps
• How to Settle Debt with a Reduced Lump Sum Payment
• How to Settle a Credit Card Debt Lawsuit — Ultimate Guide
• How to Settle Credit Card Debt When a Lawsuit Has Been Filed
• If You Are Using a Debt Relief Agency, Can You Settle Yourself with the Creditor?
• Largest Debt Settlement Companies
• Should I Settle a Collection or Pay in Full?
• Summary of the Equifax Data Breach Settlement
• The Advantages of Pre-Settlement Lawsuit Funding
• The FTC Regulates Debt Settlement Through the Telemarketing Sales Rule
• The Pros and Cons of Debt Settlement
• What Happens if I Reject a Settlement Offer?
• What Happens if You Don't Pay a Debt Settlement?
• What Happens When You Settle a Debt?
• What Is A Debt Settlement Agreement?
• What is Debt Settlement?
• What Percentage Should I Offer to Settle Debt?
• What to Ask for in a Settlement Agreement
• Who Qualifies for Debt Settlement?
• Will Collection Agencies Settle for Less?
• 5 Signs of a Debt Settlement Scam

Personal loan and debt relief reviews

We give a factual review of the following debt consolidation, debt settlement, and loan organizations and companies to help you make an informed decision before you take on a debt.

• Accredited Debt Relief Debt Settlement Reviews
• Advance America Loan Review
• ACE Cash Express Personal Loan Review
• BMG Money Loan Review
• BMO Harris Bank Review: Pros and Cons
• Brite Solutions Debt Settlement Reviews
• Caliber Home Loans Mortgage Review
• Cambridge Debt Consolidation Review
• Campus Debt Solutions Review
• CashNetUSA Review
• Century Debt Settlement Reviews
• ClearPoint Debt Management Review
• Click N Loan Reviews
• CuraDebt Debt Settlement Review
• CuraDebt Reviews: Debt Relief Assistance For California Residents
• Debt Eraser Review
• Debtconsolidation.com Debt Settlement Reviews
• Eagle One Debt Settlement Reviews
• Freedom Debt Relief Debt Settlement Reviews
• Global Holdings Debt Settlement Reviews
• Golden 1 Credit Union Personal Loan Review
• Honda Financial Services Review
• iLending Reviews
• Infinite Law Group Debt Settlement Reviews
• JG Wentworth Debt Settlement Reviews
• LoanMart Reviews
• Mastriani Law Firm Review
• Milestone ® Mastercard ® Review
• ModoLoan Review
• Money Management International Reviews
• M&T Mortgage Company Review
• National Debt Relief Debt Settlement Reviews
• New Era Debt Settlement Reviews
• OppLoans Review
• Pacific Debt Relief Reviews
• Palisade Legal Group Debt Settlement Reviews
• PCG Debt Consolidation Review
• PenFed Auto Loan Review
• Priority Plus Financial Reviews
• Roseland Associates Debt Consolidation Review
• SDCCU Debt Consolidation Review
• Speedy Cash Loans Review
• Symple Lending Reviews
• Tripoint Lending Reviews
• TurboDebt Debt Settlement Reviews
• Turnbull Law Group Debt Settlement Reviews
• United Debt Settlement Reviews
• Upgrade Auto Loans Reviews

How to repair and improve your credit score

Debt has a big impact on your credit. Below is a list of guides on how to repair and improve your credit, even while managing major debt.

• 3 Ways to Repair Your Credit with Debt Collections
• 5 Pros and Cons of Credit Cards & How to Use Them Wisely
• 6 Reasons Your Credit Score Isn't Going Up
• Bankruptcy vs Debt Settlement: Which is Better for Your Credit Score?
• Does Debt Consolidation Hurt Your Credit Score?
• Does Wage Garnishment Affect Credit?
• Guide to Disclosing Income on Your Credit Card Application
• How Long Does It Take to Improve My Credit Score After Debt Settlement?
• How Often Does Merrick Bank Increase Your Credit Limit?
• How to fix your credit to buy a house
• How to Handle Debt and Improve Credit
• How to Raise My Credit Score 40 Points Fast
• If I Settle with a Collection Agency, Will It Hurt My Credit?
• Is 600 a Good Credit Score?
• Obama Credit Card Debt Relief Program – How to Use It
• Sample credit report dispute letter
• Should I Use Credit Journey?
• Understanding myFICO: Your Gateway to Better Credit
• What Does "DLA" Mean on a Credit Report?
• What Is A Good Credit Score For Businesses?
• What is American Credit Acceptance?
• What is CBNA on my credit report?
• What is CreditFresh?
• Who Made the Credit Score?
• Why is THD/CBNA on my credit report?

How to resolve student loan debt

Struggling with student debt? SoloSuit’s got you covered. Below are resources on handling student loan debt.

• Budgeting Strategies for Students: How to Manage Your Finances Wisely
• Can You Go to Jail for Not Paying Student Loans?
• Can You Settle Student Loan Debt?
• Do Student Loans Go Away After 7 Years? (2022 Guide)
• Do You Need a Student Loan Lawyer? (Complete Guide)
• Does Student Debt Die With You?
• How to Manage a Student Debt
• How to Get Rid of Student Loan Debt
• Mandatory Forbearance Request Student Loan Debt Burden
• Negative Economic Effects of Student Loan Debt on the US Economy
• Pros and Cons of Taking a Student Loan
• Regional Adjustment Bureau Student Loans – How to Win
• The Real Impact of Student Debt: How Our Brains Handle It
• Why It's Important to Teach Students How to Manage Debt
• 5 Alternatives to Taking a Student Loan
• 5 Tips for Students: How to Create a Realistic and Effective Budget
• 7 College Financial Planning Tips for Students
• 7 Things to Consider When Taking a Student Loan
• 7 Tips to Manage Your Student Loans

Civil law legal definitions

You can represent yourself in court. Save yourself the time and cost of finding an attorney, and use the following resources to understand legal definitions better and how they may apply to your case.

• Accleration Clause — Definition
• Adjuster - Defined
• Adverse Action — Definition
• Affidavit — A Definition
• Annulment vs. divorce – what's the difference?
• Anticipatory Repudiation — Definition
• Bench Trial — Defined
• Certificate of Debt: A Definition
• Commuted Sentence – Definition
• Constructive Eviction - Defined
• Constructive Discharge - Definition
• Defendant - Definition and Everything You Need to Know
• Demurred – Definition
• Dischargeable - Definition
• Disclosures — Definition
• False Imprisonment Defined
• Good Faith Exception – Definition
• Hearsay — A Definition
• HOEPA – Definition
• Implied Contract – Definition
• Injunctive Relief — A Definition
• Intestate–Defined
• Irrevocable Agreement — Defined
• Joint Custody–Defined
• Litigator — A Definition
• Mediation - Definition
• Medical Malpractice — Definition
• Mistrial — A Definition
• Mitigating Circumstances — Definition
• Motion for Summary Judgment — Definition
• Nolle Prosequi – Definition
• Nunc Pro Tunc — A Definition
• Plaintiff - Definition and Everything You Need to Know
• Pro Se - Defined
• Probable Cause Hearing — Definition
• Restitution – Definition
• Sole Custody-Defined
• Statute of Limitations—Definition and Everything You Need to Know
• Summons—Definition
• Tenancy in Common – Defined
• Time Is of the Essence – Definition
• What Is the Bankruptcy Definition of Consumer Debt?
• Wrongful Termination–Defined

Get answers to these FAQs on debt collection

• Am I Responsible for My Husband's Debts If We Divorce?
• Am I Responsible for My Parent's Debt if I Have Power of Attorney?
• Can a Collection Agency Add Fees on the Debt?
• Can a Collection Agency Charge Interest on a Debt?
• Can a Credit Card Company Sue Me?
• Can a Debt Collector Freeze Your Bank Account?
• Can a Debt Collector Leave a Voicemail?
• Can a Debt Collector Take My Car in California?
• Can a Judgment Creditor Take my Car?
• Can a Process Server Leave a Summons Taped to My Door?
• Can an Eviction Be Reversed?
• Can Credit Card Companies Garnish Your Wages?
• Can Credit Cards Garnish Wages?
• Can Debt Collectors Call From Local Numbers?
• Can Debt Collectors Call You at Work in Texas?
• Can Debt Collectors Call Your Family?
• Can Debt Collectors Leave Voicemails?
• Can I Pay a Debt Before the Court Date?
• Can I Rent an Apartment if I Have Debt in Collection?
• Can I Sue the President for Emotional Distress?
• Can the SCRA Stop a Default Judgment?
• Can the Statute of Limitations be Extended?
• Can You Appeal a Default Judgement?
• Can You Get Unemployment if You Quit?
• Can You Go to Jail for a Payday Loan?
• Can You Go to Jail for Credit Card Debt?
• Can You Negotiate with Westlake Financial?
• Can You Record a Call with a Debt Collector in Your State?
• Can You Serve Someone with a Collections Lawsuit at Their Work?
• Can You Sue Someone Who Has Filed Chapter 7 Bankruptcy?
• Capital One is Suing Me – How Can I Win?
• Debt Snowball vs. Debt Avalanche: Which One Is Apt for You?
• Do 609 Letters Really Work?
• Do Debt Collectors Ever Give Up?
• Do I Have Too Much Debt to Divorce My Spouse?
• Do I Need a Debt Collection Defense Attorney?
• Do I Need a Debt Negotiator?
• Do I Need a Legal Coach?
• Do I Need a Payday Loans Lawyer?
• Does a Living Trust Protect Your Assets from Lawsuits?
• Does Chase Sue for Credit Card Debt?
• Does Debt Consolidation Have Risks?
• Does Midland Funding Show Up to Court?
• How Can I Get Financial Assistance in PA?
• How do Debt Relief Scams Work?
• How Do I Find Out If I Have Any Judgments Against Me?
• How Do I Get Rid of a Judgment Lien on My Property?
• How Do I Register on the Do Not Call List?
• How Does a Flex Loan Work?
• How Does Debt Affect Your Ability to Buy a Home?
• How Does Finwise Bank Work?
• How does Navy Credit debt forgiveness work?
• How Does Payments.tsico Work?
• How Important is it to Protect your Assets from Unexpected Events?
• How is Debt Divided in Divorce?
• How Long Do Creditors Have to Collect a Debt from an Estate?
• How long do debt collectors take to respond to debt validation letters?
• How Long Does a Judgement Last?
• How Long Does a Judgment Last?
• How Long Does a Levy Stay on a Bank Account?
• How Long Does an Eviction Stay on Your Record?
• How Many Calls from a Debt Collector is Considered Harassment?
• How Many Times Can a Judgment Be Renewed in North Carolina?
• How Many Times Can a Judgment be Renewed in Oklahoma?
• How Much Do Collection Agencies Pay for Debt?
• How Much Do You Have to Be in Debt to File Chapter 7?
• How Much Does College Actually Cost?
• How Often Do Credit Card Companies Sue for Non-Payment?
• How Should You Respond to the Theft of Your Identity?
• I am being sued because my identity was stolen - What do I do?
• If a Car is Repossessed Do I Still Owe the Debt?
• Is Debt Forgiveness Taxable?
• Is Freedom Debt Relief a Scam?
• Is it Legal for Debt Collectors to Call Family Members?
• Is it Smart to Consolidate Debt?
• Is LVNV Funding a Legitimate Company? - Them in Court
• Is My Case in the Right Venue?
• Is Portfolio Recovery Associates Legit? — How to Win
• Is Severance Pay Taxable?
• Is SoloSuit Worth It?
• Is Someone with Power of Attorney Responsible for Debt After Death?
• Is the NTB Credit Card Safe?
• Is There a Judgment Against Me Without my Knowledge?
• Is transworld systems legitimate? — How to win in court
• Liquidate–What Does it Mean?
• Litigation Finance: Is it a Good Investment?
• Received a 3-Day Eviction Notice? Here's What To Do
• Should I File Bankruptcy Before or After a Judgment?
• Should I Hire a Civil Litigation Attorney?
• Should I Hire a Civil Rights Lawyer?
• Should I Hire a Litigation Attorney?
• Should I Marry Someone With Debt?
• Should I Pay Off an Old Apartment Debt?
• Should I Send a Demand Letter Before a Lawsuit?
• Should I Use My IRA to Pay Off Credit Card Debt?
• Should You Communicate with a Debt Collector in Writing or by Telephone?
• Should You Invest in Stocks While In Debt?
• Subsidized vs. Unsubsidized Loans: Which is Better?
• The Truth: Should You Never Pay a Debt Collection Agency?
• What are the biggest debt collector companies in the US?
• What are the different types of debt?
• What Bank Is Behind Best Buy's Credit Card?
• What Bank Issues Kohl's Credit Card?
• What Bank Owns Old Navy Credit Card?
• What Credit Bureau does Aqua Finance Use?
• What Credit Bureau Does Truliant Use?
• What Does “Apple Pay Transaction Under Review” Mean?
• What Does a Debt Collector Have to Prove in Court?
• What Does BAC Stand For?
• What does HAFA stand for?
• What Does Payment Deferred Mean?
• What Does Reaffirmation of Debt Mean?
• What Happens After a Motion for Default Is Filed?
• What Happens at a Motion for Summary Judgment Hearing?
• What Happens If a Defendant Does Not Pay a Judgment?
• What Happens If a Process Server Can't Serve You?
• What Happens if a Tenant Wins an Eviction Lawsuit?
• What Happens If Someone Sues You and You Have No Money?
• What Happens If You Avoid Getting Served Court Papers?
• What Happens If You Don’t Pay Speedy Cash?
• What Happens If You Ignore a Debt Collector?
• What Happens If You Never Answer Debt Collectors?
• What Happens When a Debt Is Sold to a Collection Agency
• What Happens When a Debt Is Sold to a Collection Agency?
• What If a Summons Was Served to the Wrong Person?
• What If an Order for Default Was Entered?
• What if I default on an Avant payment?
• What If the Wrong Defendant Is Named in a Lawsuit?
• What Is a Case Number?
• What is a Certificate of Judgment in Ohio?
• What Is a Certificate of Service?
• What Is a Civil Chapter 61 Warrant?
• What is a Civil Litigation Lawyer?
• What Is a Consent Judgment?
• What Is a CPN Number?
• What Is a Debt Brokerage?
• What Is a Debt-to-Sales Ratio?
• What Is a Defamation Lawsuit?
• What is a default judgment?— What do I do?
• What Is a Libel Lawsuit?
• What is a Lien on a House?
• What is a Lien Release on a Car?
• What is a Lien?
• What Is a Motion to Strike?
• What Is a Motion to Suppress?
• What Is a Non-Dischargeable Debt in Tennessee?
• What Is a Nonsuit Without Prejudice?
• What Is a Preliminary Hearing?
• What Is a Reaffirmation Agreement?
• What Is a Request for Dismissal?
• What Is a Rule 3.740 Collections Defense in California?
• What Is a Slander Lawsuit?
• What is a Stipulated Judgment?
• What Is a Warrant in Debt?
• What is ABC Financial Club Charge?
• What is ACS Ed Services?
• What is Advanced Call Center Technologies?
• What is Alimony?
• What Is Allied Interstate's Phone Number?
• What is an Affirmative Defense?
• What Is an Assignment of Debt?
• What Is an Attorney Malpractice Lawsuit?
• What Is an Unlawful Detainer Lawsuit?
• What is Bank of America CashPro?
• What is Bitty Advance?
• What Is Celtic Bank?
• What is Consumer Portfolio Services?
• What Is Credence Resource Management?
• What Is Debt Internment?
• What Is Discover's 60/60 plan?
• What is Evading the Police?
• What Is Extinguishment of Debt?
• What is First Investors Financial Services?
• What is Global Lending Services?
• What is homicide?
• What Is Lexington Law Firm?
• What is LGFCU Personal Loan?
• What is Moral Turpitude?
• What is Online Information Services?
• What is Oportun?
• What Is Service of Process in Texas?
• What is sewer service?
• What Is Summary Judgment?
• What is Synchrony Bank's Hardship Program?
• What Is T-Mobile's Phone Number for Debt Collection?
• What Is the Amount of Money You Still Owe to Their Credit Card Company Called?
• What is the Deadline for a Defendant's Answer to Avoid a Default Judgment?
• What Is the Formula for Calculating Closing Costs?
• What Is the Minimum Amount That a Collection Agency Will Sue For?
• What Is the Phone Number for IQ Data?
• What is the Purpose of the Truth in the Lending Act?
• What is the status of my case?
• What Is the Statute of Limitations on Debt in Washington?
• What is the Telemarketing Sales Rule?
• What is Unsecured Credit Card Debt?
• What is WCTCB?
• What is WFDS?
• What is WUVISAAFT?
• What is Zombie Debt, and How Do I Deal With It?
• What Personal Property Can Be Seized in a Judgment?
• What Should I Do If Crown Asset Management Suing Me?
• What Should I Do If OneMain Financial Is Taking Me to Court?
• What Should You Do if You Can't Pay Your Mortgage?
• What states require a professional licensing number for debt collectors?
• When Does Exeter Finance Repo Cars?
• When Is My Rent Due Legally?
• Where’s My Amended Tax Return?
• Which Bank Does Macy's Credit Card Use?
• Who is EOSCCA?
• Who is Over the Loan Forgiveness Program at KHESLC?
• Who is Synchrony Bank? — Beat Them in Court
• Who is Jefferson Capital Systems LLC — How to win in court
• Why Being Judgment Proof Is Not a Defense to a Lawsuit
• Why Can't Lawyers Give Legal Advice?
• Who is Synchrony Bank? — Them in Court
• Why Do Debt Collectors Block Their Phone Numbers?
• Why Do Lawyers Charge So Much?
• Why Is the Sheriff Looking for Me?
• Why Would a Sheriff Come to My House with Papers?
• Will Bankruptcy Stop a Judgment?

How-to debt guides

• How to Beat Westlake Portfolio Management
• How to Access Free Debt Relief
• How to Answer a Lawsuit for Debt Collection
• How to Appear in Court by Phone
• How to Apply For Unemployment Benefits in Florida
• How to Avoid Getting Served
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Debt Assignment and Assumption Agreement

A Debt Assignment and Assumption Agreement is a very simple document whereby one party assigns their debt to another party, and the other party agrees to take that debt on. The party that is assigning the debt is the original debtor; they are called the assignor. The party that is assuming the debt is the new debtor; they are called the assignee.

The debt is owed to a creditor.

This document is different than a Debt Settlement Agreement , because there, the original debtor has paid back all of the debt and is now free and clear. Here, the debt still stands, but it will just be owed to the creditor by another party.

This is also different than a Debt Acknowledgment Form , because there, the original debtor is simply signing a document acknowledging their debt.

How to use this document

This document is extremely short and to-the-point. It contains just the identities of the parties, the terms of the debt, the debt amount, and the signatures. It is auto-populated with some important contract terms to make this a complete agreement.

When this document is filled out, it should be printed, signed by the assignor and the creditor, and then signed by the assignee in front of a notary. It is important to have the assignee's signature notarized, because that is the party that is taking on the debt.

Applicable law

Debt Assignment and Assumption Agreements are generally covered by the state law where the debt was originally incurred.

How to modify the template

You fill out a form. The document is created before your eyes as you respond to the questions.

At the end, you receive it in Word and PDF formats. You can modify it and reuse it.

Debt Assignment and Assumption Agreement - FREE

Country: United States

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Assigning debts and other contractual claims - not as easy as first thought

Harking back to law school, we had a thirst for new black letter law. Section 136 of the Law of the Property Act 1925 kindly obliged. This lays down the conditions which need to be satisfied for an effective legal assignment of a chose in action (such as a debt). We won’t bore you with the detail, but suffice to say that what’s important is that a legal assignment must be in writing and signed by the assignor, must be absolute (i.e. no conditions attached) and crucially that written notice of the assignment must be given to the debtor.

When assigning debts, it’s worth remembering that you can’t legally assign part of a debt – any attempt to do so will take effect as an equitable assignment. The main practical difference between a legal and an equitable assignment is that the assignor will need to be joined in any legal proceedings in relation to the assigned debt (e.g. an attempt to recover that part of the debt).

Recent cases which tell another story

Why bother telling you the above?  Aside from our delight in remembering the joys of debating the merits of legal and equitable assignments (ehem), it’s worth revisiting our textbooks in the context of three recent cases. Although at first blush the statutory conditions for a legal assignment seem quite straightforward, attempts to assign contractual claims such as debts continue to throw up legal disputes:

• In  Sumitomo Mitsui Banking Corp Europe Ltd v Euler Hermes Europe SA (NV) [2019] EWHC 2250 (Comm),  the High Court held that a performance bond issued under a construction contract was not effectively assigned despite the surety acknowledging a notice of assignment of the bond. Sadly, the notice of assignment failed to meet the requirements under the bond instrument that the assignee confirm its acceptance of a provision in the bond that required the employer to repay the surety in the event of an overpayment. This case highlights the importance of ensuring any purported assignment meets any conditions stipulated in the underlying documents.
• In  Promontoria (Henrico) Ltd v Melton [2019] EWHC 2243 (Ch) (26 June 2019) , the High Court held that an assignment of a facility agreement and legal charges was valid, even though the debt assigned had to be identified by considering external evidence. The deed of assignment in question listed the assets subject to assignment, but was illegible to the extent that the debtor’s name could not be deciphered. The court got comfortable that there had been an effective assignment, given the following factors: (i) the lender had notified the borrower of its intention to assign the loan to the assignee; (ii) following the assignment, the lender had made no demand for repayment; (iii) a manager of the assignee had given a statement that the loan had been assigned and the borrower had accepted in evidence that he was aware of the assignment. Fortunately for the assignee, a second notice of assignment - which was invalid because it contained an incorrect date of assignment - did not invalidate the earlier assignment, which was found to be effective. The court took a practical and commercial view of the circumstances, although we recommend ensuring that your assignment documents clearly reflect what the parties intend!
• Finally, in Nicoll v Promontoria (Ram 2) Ltd [2019] EWHC 2410 (Ch),  the High Court held that a notice of assignment of a debt given to a debtor was valid, even though the effective date of assignment stated in the notice could not be verified by the debtor. The case concerned a debt assigned by the Co-op Bank to Promontoria and a joint notice given by assignor and assignee to the debtor that the debt had been assigned “on and with effect from 29 July 2016”. A subsequent statutory demand served by Promontoria on the debtor for the outstanding sums was disputed on the basis that the notice of assignment was invalid because it contained an incorrect date of assignment. Whilst accepting that the documentation was incapable of verifying with certainty the date of assignment, the Court held that the joint notice clearly showed that both parties had agreed that an assignment had taken place and was valid. This decision suggests that mistakes as to the date of assignment in a notice of assignment may not necessarily be fatal, if it is otherwise clear that the debt has been assigned.

The conclusion from the above? Maybe it’s not quite as easy as first thought to get an assignment right. Make sure you follow all of the conditions for a legal assignment according to the underlying contract and ensure your assignment documentation is clear.

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Assignment of Debt – What You Need to Know

By aqila zulaiqha zulkifli ~ 23 june 2023.

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Aqila Zulaiqha Zulkifli

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Occasionally, to ensure liquidity and to reduce financial risk, a creditor may assign its rights to a debt repayment to another party. Such an arrangement is known as the assignment of debt.

An assignment generally means the transfer of contractual rights and liabilities to a third party without the concurrence of the other party to the contract. [1] The assigning party is known as the assignor, whereas the recipient party is known as the assignee.

Once an assignment occurs, the assignee stands in the exact position as the assignor and has the legal right to a debt, other remedies therein, and even the power to discharge the debt. The debtor must then, make all payments to the assignee, and not the assignor. In fact, if the debtor pays the assignor without the consent of the assignee, the debtor may risk having to pay the assignee all over again. [2]

An assignment of debt is governed by Section 4(3) of the Civil Law Act 1956 (the “Act”) (cited with approval in the Federal Court case of UMW Industries Sdn Bhd v Ah Fook [3] , in which, the elements of a statutory assignment of debt can be summarized as follows:

• the assignment must be in writing under the hand of the assignor (and not, i.e the agent of the assignor);
• the assignment must be absolute and not by way of charge only; and
• the express notice in writing must have been given to the person liable to the assignor (i.e the debtor).

The effect of a statutory assignment is that the assignee possesses the legal right to the debt and the right to sue the debtor in respect of the debt without needing to join the assignor. [4]

However, rest assured, an assignment that is not in compliance with Section 4(3) of the Act is not automatically invalid. A non-statutory assignment could still be valid in equity [5] , though the assignee would have to join the assignor in the proceeding, either as a plaintiff or defendant [6] . This is to ensure a just disposal of the action, by ensuring that all relevant parties are before the Court so that the assignor would not make a claim against the debtor in respect of the same debt.

As such, in conclusion, before accepting an assignment of debt, it is prudent for an assignee to ensure that the elements in Section 4(3) of the Act abovementioned are fulfilled. If the assignment is meant to be absolute, such terms should be clearly reflected in the deed of assignment, or the assignee runs the risk of being crippled in a legal proceeding to recover the debt in the absence of the assignor.

[1] United General Insurance Co Sdn Bhd v Progress Credit Sdn Bhd [1988] 2 MLJ 297

[2] malayawata steel berhad v government of malaysia & anor [1980] 2 mlj 103, [3] [1996] 1 mlj 365, [4] mbf factors sdn bhd v tay hing ju (t/a new general trading) [2002] 5 mlj 536, [5] khaw poh chhuan v ng gaik peng & ors [1996] 1 mlj 761 (fc), [6] chan min swee v melawangi sdn bhd [2000] 7 clj 1.

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What is an Assignment of Debt?

By Sej Lamba

Updated on 23 July 2024 Reading time: 5 minutes

This article meets our strict editorial principles. Our lawyers, experienced writers and legally trained editorial team put every effort into ensuring the information published on our website is accurate. We encourage you to seek independent legal advice. Learn more .

When Could an Assignment of Debt Happen?

Key issues on assignment of debt, drafting the correct documentation, giving notice, key takeaways.

Debts are increasingly common in today’s financial climate, and unfortunately, many people struggle to repay what they owe. Debts owed can be sold to third parties and a lot of companies in the UK purchase debts. However, this can be complicated as specific legal formalities apply when assigning debts. This article will explain some of the critical issues around the assignment of debt. 

Debt collection can be a complex process. There are various reasons as to why debt is assigned. For example, a company owed debt may want to avoid putting in time and effort to chase it or want to take legal action to recover it. 

To picture a scenario, imagine this:

• Joe Bloggs gets a brand-new shiny credit card. Joe purchases lots of nice things for his family with the credit card. Usually, he can keep up with payments as he keeps track of them and earns enough to pay them back;
• suddenly, Joe has an injury and cannot work anymore. He has to give up his job and now can’t afford to pay the credit card company back;
• Joe ignores various letters chasing the debt and hopes the problem will disappear. Ultimately, after months, the credit card company gives up and sells Joe’s debt to a debt collection agency.  

So, in summary – after the debt sale, Joe now owes money to a different company. 

In practice, debt assignments can be complex, and the parties must follow the relevant legal rules and draft the correct documentation.

An assignment of debt essentially transfers the debt from one party (the assignor) to a third party (an assignee). 

In practice, this will mean the original debtor (e.g. Joe Bloggs) will now owe the debt to a new third-party creditor (e.g. the debt collection business). Therefore, in the scenario above, Joe must now repay the debt to the third-party debt collection business.

This process can be complex. There have been several legal cases in the courts where this process has given rise to disputes.

To avoid lengthy and expensive disputes, it’s important to have up-to-date legal contracts in place. Our contract lawyers can review and update your contracts to ensure your business is protected. Book a complimentary consultation today by filling out the form on this page.

There are two different types of assignment of debt – a legal assignment of debt and an equitable assignment of debt. 

In simple terms:

• a legal assignment of debt will transfer the right for enforcement of the debt; and
• an equitable assignment of debt will transfer only the benefit of the debt without the right to enforce it. 

Let us explore each type below.

Legal Assignment of Debt 

If the assignment complies with specific legal requirements under the Law of Property Act 1925, it will be a ‘legal assignment’. This means that the assignee will be the new owner of the debt. 

A legal assignment requires various formalities to be effective. For example, it must:

• be in writing and signed by the assignor;
• the debtor must be given written notice of the assignment;
• be absolute with no conditions attached to it;
• relate to the whole of the debt and not just part of it; and
• not be a charge.

After the transfer of the debt, the assignor can sue the debtor in its own name. 

Equitable Assignment of Debt

It is also possible to have an equitable debt transfer – the requirements for this are much less strict. For example, this can be done informally by the assignor informing the assignee that the rights are transferred to them. 

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For an equitable assignment, giving notice is not essential, but still always highly advisable. 

Where an equitable assignment is made, the assignee won’t have the right to pursue court action for the debt. In this case, the assignee will have to join forces with the assignor to sue for the debt to sue for the debt. 

The debtor should receive notice of any debt transfer so they know to whom the money is owed. Following notice, the new debt owner can pursue the debt owed. 

A legal assignment is the best option for an assignee of debt – this will give them full rights to enforce the debt. 

Assignments of debts can be very complex. For a legal assignment of debt, you need to follow various formalities. Otherwise, it may be unenforceable and lead to disputes. If you need help executing a debt assignment correctly, you should seek legal advice from an experienced lawyer.

If you need help with an assignment of debt, LegalVision’s experienced business lawyers can assist as part of our LegalVision membership. You will have unlimited access to lawyers to answer your questions and draft and review your documents for a low monthly fee. Call us today on 0808 196 8584 or visit our membership page .

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Deeds of Assignment of a Debt – Your Top Questions Answered

Posted by david cammack on february 7, 2020.

Home / Blog / Deeds of Assignment of a Debt – Your Top Questions Answered

( Revised for 2023. )

Do you want to know more about what a deed of assignment of a debt is, if you need one, or what to include in it? If so, our blog article has all the answers. So today, we are answering the top questions from the Internet about deeds of assignment of a debt.

1. Can a debt be assigned? How do I assign a debt in the UK?

Yes. Banks regularly buy and sell debts. If you are a creditor, then you can do so too. But you need to do so in writing. A deed of assignment of a debt is the document to use for this. You would need to assign the whole of a debt, as you cannot assign only part of it. The debtor cannot assign the debt to someone else unless the creditor agrees and you would then do this via a deed of novation.

2. What is an assignment of a loan?

This means the same thing as an assignment of a debt. It is always the right to receive repayment of the debt or loan that you are assigning.

3. What is a deed of assignment of a debt?

This is a legal document that transfers the ownership of the debt to another person. By ‘ownership’ we mean the right to receive repayment of that debt from the same original debtor or borrower.

4. What does assignment of debt mean?

The assignment of a debt will mean that the original debtor or borrower now owes the debt to a different creditor. So the debtor will now need to repay that debt to a new person, because you have transferred the debt.

5. Is a deed of assignment of a debt a legal document?

If prepared correctly, yes, a deed of assignment is a legally-binding document. In order to make the assignment legally binding on the debtor, the creditor should give notice of the assignment to the debtor. Our template includes a notice of the assignment of the debt, so you can complete it and send it to the debtor.

6. What is a notice of assignment of a debt? What do I need to do to give notice of an assignment of a debt?

Once you have assigned a debt, then you need to give the debtor notice of the transfer of the debt. Otherwise, how will they know to repay the new owner of the debt? Ideally, the deed of assignment of debt will mention this and include a form for the notice. (Legalo’s template does.) Wikipedia explains why such notice is necessary here: https://en.wikipedia.org/wiki/Rule_in_Dearle_v_Hall#Criticisms .

7. How do you draft a deed of assignment of a debt?

If you require this deed, then the quickest way to get one is with a template from Legalo. Find our great template here: just click on this link .

8. What are the contents of a deed of assignment of a debt?

If you click on this link and scroll down to the section about the Guide to the template, then you will see the contents of our template for a deed of assignment of a debt.

9. Who can prepare a deed of assignment of a debt? Can a non-lawyer prepare a deed of assignment of a debt?

A non-lawyer can use any of the documents we sell as templates. So this includes a deed of assignment of a debt.

10. Does a deed of assignment of a debt need to be signed by both parties?

The parties who do need to sign it are (a) the original creditor and (b) the one buying (or otherwise taking) the debt from the original creditor. The debtor does not sign it.

11. Does a deed of assignment of a debt need to be witnessed?

All deeds need to be signed correctly with an adult witness, preferably one who none of the persons signing are related to.

12. Does an assignment of debt need to be a deed?

If there is no price being paid for the purchase of the debt, then the document does need to be a deed, in order to ensure it is legally binding. Otherwise, technically it does not need to be prepared and signed as a deed, but generally it is better to do it as a deed in case there is any doubt. Legalo’s template is set up to be signed as a deed.

13. Does a deed of assignment of a debt need to be registered?

Not unless you have secured the debt, for example on a property in the UK at the Land Registry. In such a case, then you would need to register the transfer of the security separately at the Land Registry. You do not register the assignment of the debt itself.

14. How long does a deed of assignment of a debt take to draft?

Legalo’s template makes it easy, so you should only need a few minutes to draft your deed of assignment.

15. How much does a deed of assignment of a debt cost? How much does a notice of assignment of a debt cost? How much do lawyers charge for deed of assignment of a debt?

Our template for a deed of assignment includes a notice of assignment and costs only £24.95. Solicitors would charge an estimated £500 plus VAT for one, so ours represents a significant cost saving.

In just a few minutes yours can be ready. What’s more, Legalo’s templates each come with a guide to make it clear how to complete it. We also provide a free helpline just in case you need any extra assistance to use it. So it could not be easier.

So if you need one, you know where to find it.

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Legal Templates

Home Business Assignment Agreement

Assignment Agreement Template

Use our assignment agreement to transfer contractual obligations.

Updated February 1, 2024 Written by Josh Sainsbury | Reviewed by Brooke Davis

An assignment agreement is a legal document that transfers rights, responsibilities, and benefits from one party (the “assignor”) to another (the “assignee”). You can use it to reassign debt, real estate, intellectual property, leases, insurance policies, and government contracts.

What Is an Assignment Agreement?

What to include in an assignment agreement, how to assign a contract, how to write an assignment agreement, assignment agreement sample.

Partnership Interest

An assignment agreement effectively transfers the rights and obligations of a person or entity under an initial contract to another. The original party is the assignor, and the assignee takes on the contract’s duties and benefits.

It’s often a requirement to let the other party in the original deal know the contract is being transferred. It’s essential to create this form thoughtfully, as a poorly written assignment agreement may leave the assignor obligated to certain aspects of the deal.

The most common use of an assignment agreement occurs when the assignor no longer can or wants to continue with a contract. Instead of leaving the initial party or breaking the agreement, the assignor can transfer the contract to another individual or entity.

For example, imagine a small residential trash collection service plans to close its operations. Before it closes, the business brokers a deal to send its accounts to a curbside pickup company providing similar services. After notifying account holders, the latter company continues the service while receiving payment.

Create a thorough assignment agreement by including the following information:

• Effective Date:  The document must indicate when the transfer of rights and obligations occurs.
• Parties:  Include the full name and address of the assignor, assignee, and obligor (if required).
• Assignment:  Provide details that identify the original contract being assigned.
• Third-Party Approval: If the initial contract requires the approval of the obligor, note the date the approval was received.
• Signatures:  Both parties must sign and date the printed assignment contract template once completed. If a notary is required, wait until you are in the presence of the official and present identification before signing. Failure to do so may result in having to redo the assignment contract.

Review the Contract Terms

Carefully review the terms of the existing contract. Some contracts may have specific provisions regarding assignment. Check for any restrictions or requirements related to assigning the contract.

Check for Anti-Assignment Clauses

Some contracts include anti-assignment clauses that prohibit or restrict the ability to assign the contract without the consent of the other party. If there’s such a clause, you may need the consent of the original parties to proceed.

Determine Assignability

Ensure that the contract is assignable. Some contracts, especially those involving personal services or unique skills, may not be assignable without the other party’s agreement.

Get Consent from the Other Party (if Required)

If the contract includes an anti-assignment clause or requires consent for assignment, seek written consent from the other party. This can often be done through a formal amendment to the contract.

Prepare an Assignment Agreement

Draft an assignment agreement that clearly outlines the transfer of rights and obligations from the assignor (the party assigning the contract) to the assignee (the party receiving the assignment). Include details such as the names of the parties, the effective date of the assignment, and the specific rights and obligations being transferred.

Include Original Contract Information

Attach a copy of the original contract or reference its key terms in the assignment agreement. This helps in clearly identifying the contract being assigned.

Execution of the Assignment Agreement

Both the assignor and assignee should sign the assignment agreement. Signatures should be notarized if required by the contract or local laws.

Notice to the Other Party

Provide notice of the assignment to the non-assigning party. This can be done formally through a letter or as specified in the contract.

File the Assignment

File the assignment agreement with the appropriate parties or entities as required. This may include filing with the original contracting party or relevant government authorities.

Communicate with Third Parties

Inform any relevant third parties, such as suppliers, customers, or service providers, about the assignment to ensure a smooth transition.

Keep Copies for Records

Keep copies of the assignment agreement, original contract, and any related communications for your records.

Here’s a list of steps on how to write an assignment agreement:

Step 1 – List the Assignor’s and Assignee’s Details

List all of the pertinent information regarding the parties involved in the transfer. This information includes their full names, addresses, phone numbers, and other relevant contact information.

This step clarifies who’s transferring the initial contract and who will take on its responsibilities.

Step 2 – Provide Original Contract Information

Describing and identifying the contract that is effectively being reassigned is essential. This step avoids any confusion after the transfer has been completed.

Step 3 – State the Consideration

Provide accurate information regarding the amount the assignee pays to assume the contract. This figure should include taxes and any relevant peripheral expenses. If the assignee will pay the consideration over a period, indicate the method and installments.

Step 4 – Provide Any Terms and Conditions

The terms and conditions of any agreement are crucial to a smooth transaction. You must cover issues such as dispute resolution, governing law, obligor approval, and any relevant clauses.

Step 5 – Obtain Signatures

Both parties must sign the agreement to ensure it is legally binding and that they have read and understood the contract. If a notary is required, wait to sign off in their presence.

Related Documents

• Sales and Purchase Agreement : Outlines the terms and conditions of an item sale.
• Business Contract : An agreement in which each party agrees to an exchange, typically involving money, goods, or services.
• Lease/Rental Agreement : A lease agreement is a written document that officially recognizes a legally binding relationship between two parties -- a landlord and a tenant.
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Assignment Involves Transfer of Rights to Collect Outstanding Debts

Is a creditor allowed to sell a debt to someone else for collection, an assignment of debt occurs when a creditor, being a person owed money, transfers the right to collect the debt to another person who then becomes the creditor., understanding what constitutes as a legally binding assignment of creditor rights to collect a debt.

Right to Collect on Debts

In Ontario, the Court of Appeal case of Clark v. Werden , 2011 ONCA 619 confirmed the right to assign debts per the Conveyancing and Law of Property Act , R.S.O. 1990, c. C.34 , whereas such statute prescribes the conditions and requirements for the transfer of rights involving monies, among other things, whereas it was said:

Clark v. Werden , 2011 ONCA 619 at paragraph 13

[13]   The ability to assign a debt or legal chose in action is codified in s. 53 of the  Conveyancing and Law of Property Act , which provides that a debt is assignable subject to the equities between the original debtor and creditor and reads as follows:

53 (1) Any absolute assignment made on or after the 31st day of December, 1897, by writing under the hand of the assignor, not purporting to be by way of charge only, of any debt or other legal chose in action of which express notice in writing has been given to the debtor, trustee or other person from whom the assignor would have been entitled to receive or claim such debt or chose in action is effectual in law, subject to all equities that would have been entitled to priority over the right of the assignee if this section had not been enacted, to pass and transfer the legal right to such debt or chose in action from the date of such notice, and all legal and other remedies for the same, and the power to give a good discharge for the same without the concurrence of the assignor.

Partially Assigned

Interestingly, it should be noted that the statute law refers to an " absolute assignment "; however, such reference is made without fully defining the rights and duties of creditors and assignees in regards to concerns for the partial assignment of a debt.  However, in such circumstances as where a partial assignment of debt occurs, and therefore where there is more one assignee who assumes various rights of the original creditor, the assignee must include all assignees, or the original creditor if the original creditor retained a portion of the debt, when legal action is brought against debtor.  This requirement was stated by the Court of Appeal within the case of DiGuilo v. Boland , 1958 CanLII 92 wherein it was stated:

DiGuilo v. Boland , 1958 CanLII 92

The main reason why an assignee of a part of a debt is required to join all parties interested in the debt in an action to recover the part assigned to him is in my opinion because the Court cannot adjudicate completely and finally without having such parties before it.  The absence of such parties might result in the debtor being subjected to future actions in respect of the same debt, and moreover might result in conflicting decisions being arrived at concerning such debt.

Failed Notice

Of potentially grave concern to creditors, and potentially with great relief to debtors, for an assignee to retain the right to pursue the debtor, express written notice of the assignment is required.  This requirement was stated in 1124980 Ontario Inc. v. Liberty Mutual Insurance Company and Inco Ltd. , 2003 CanLII 45266  as part of the four part test to establish the right to pursue an assigned debt:

1124980 Ontario Inc.  v. Liberty Mutual , 2003 CanLII 45266 at paragraph 44

[44]   Accordingly, for there to be a valid legal assignment under  section 53(1) of the  CLPA , four requirements must be met:

a)  there must be debt or chose in action;

b)  the assignment must be absolute;

c)  the assignment must be written; and

d)  written notice of the assignment must be given to the debtor.

Where there is a failure of notice, and therefore failure to comply with the Conveyancing and Law of Property Act , it is said that the right to assign fails in law; however, relief in equity, via an equitable assignment may be available to an assignee affected by failure of notice.  Generally, in equity, when failure of notice occurs, the assignee is unable, in law, to bring an action in the name of the assignee and may do so only in the name of the creditor; however, even in the absence of proper notice as results in failure of assignment in law, and failure ot enjoin the creditor in an action pursued as an equitable assignment, the court may remain prepared to waive such a requirement whereas such occurred in the matter of  Landmark Vehicle Leasing Corporation v. Mister Twister Inc. , 2015 ONCA 545 wherein it was stated:

Landmark v. Mister Twister , 2015 ONCA 545 at paragraphs 10 to 16

[10]    Section 53(1) requires “ express notice in writing ” to the debtor.  Although there is some ambiguity in her reasons, it would appear that the trial judge found that Mr.  Blazys had express notice of the assignment, but not notice in writing.  Ross Wemp Leasing therefore did not assign the leases to Landmark in law: see  80 Mornelle Properties Inc.  v. Malla Properties Ltd. , 2010 ONCA 850 (CanLII) , 327 D.L.R.  (4th) 361, at para.  22 .  Ross Wemp Leasing did, however, assign the leases to Landmark in equity.  An equitable assignment does not require any notice, let alone written notice:  Bercovitz Estate v. Avigdor , [1961] O.J.  No.  20 (C.A.), at paras.  16, 25.

[11]   The appellants, relying on  DiGuilo v. Boland , 1958 CanLII 92 (ON CA), [1958] O.R.  384 (C.A.), aff’d, [1961] S.C.C.A.  vii, argue that as the appellants did not have written notice of the assignment, Landmark could not sue on its own.  Instead, Landmark had to join Ross Wemp Leasing in the action.  The appellants argue that the failure to join Ross Wemp Leasing requires that the judgment below be set aside.

[12]    DiGuilo does in fact require that the assignor of a chose in action be joined in the assignee’s claim against the debtor when the debtor has not received written notice of the assignment.  The holding in DiGuilo tracks rule 5.03(3) of the  Rules of Civil Procedure , R.R.O.  1990, Reg.  194 : In a proceeding by the assignee of a debt or other chose in action, the assignor shall be joined as a party unless,

(a) the assignment is absolute and not by way of charge only; and

(b) notice in writing has been given to the person liable in respect of the debt or chose in action that it has been assigned to the assignee.  [Emphasis added.]

[13]   Yet the assignee’s failure to join the assignor does not affect the validity of the assignment or necessarily vitiate a judgment obtained by the assignee against the debtor.  Rule 5.03(6) reads:

The court may by order relieve against the requirement of joinder under this rule.

[14]   The joinder requirement is intended to guard the debtor against a possible second action by the assignor and to permit the debtor to pursue any remedies it may have against the assignor without initiating another action:  DiGuilo , at p.  395.  Where the assignee’s failure to join the assignor does not prejudice the debtor, the court may grant the relief in rule 5.03(6) : see  Gentra Canada Investments Inc.  v. Lipson , 2011 ONCA 331 (CanLII), 106 O.R.  (3d) 261, at paras.  59 - 65 , leave to appeal refused, [2011] S.C.C.A.  No.  327.

[15]   In this case, the trial judge found that Mr.  Blazys, and effectively all of the appellants, gained actual notice of the lease assignments very shortly after the assignments were made and well before Landmark sued.  Armed with actual, albeit not written, notice of the assignment, the appellants could fully protect themselves against any prejudice from Landmark’s failure to join Ross Wemp Leasing.  Had the appellants seen any advantage in joining Ross Wemp Leasing, either to defend against Landmark’s claim or to advance a claim against Ross Wemp Leasing, the appellants could have moved for joinder under rule 5.03(4).  The appellants’ failure to bring a motion to add Ross Wemp Leasing speaks loudly to the absence of any prejudice caused by Landmark’s failure to join the assignor.

[16]   Ross Wemp Leasing perhaps should have been a party to the proceeding.  Landmark’s failure to join Ross Wemp Leasing, however, did not prejudice the appellants and should have had no impact on the trial judgment.  If requested, this court will make a  nunc pro tunc order relieving Landmark from the requirement of joining Ross Wemp Leasing in the action.

Summary Comment

The rights to collect on a debt can be sold and transferred from the original creditor to a substitute creditor or assignee who then takes on the rights of the original creditor.  Indeed, the selling and buying of individual debts, or debts within an entire portfolio debts is common within business.  The entire collection services industry is based on the concept of buying outstanding debt and then standing in the shoes of the original creditor and pursuing the payment of the debt.  Other forms of buying and selling debt includes mortgage swaps, among other things.

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Stamp Duty on Debt Assignment

Home | Knowledge Center | Thought Papers Stamp Duty on Debt Assignment

13th Feb, 2018

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Introduction

Assignment of debt is one of the most common forms of transactions in financial markets. It essentially entails transfer of a debt from a creditor (assignor) to a third-party (assignee). One of the biggest challenges faced in debt assignment transactions in India is the significant stamp duty implication on the deed of assignment. Considering the volume of assignment transactions undertaken generally by banks and financial institutions or by asset reconstruction companies (“ ARCs ”), the stamp duty levied becomes a significant cost in such transactions. The Constitution of India (“ Constitution ”) confers upon the Parliament and each State Legislature the power to levy taxes and other duties. The subjects on which the Parliament or a State Legislature or both can legislate are specified in the Seventh Schedule of the Constitution. The Seventh Schedule is divided into 3 (three) lists:

• Union List;
• State List; and
• Concurrent List.

The Parliament has the exclusive power to legislate on the subjects enumerated in the Union List. The State List enumerates the subjects on which each State Legislature can legislate and such laws operate within the territory of each State. The Parliament, as well as the State Legislatures, have the power to legislate over the subjects listed in the Concurrent List.

The entry pertaining to levy of stamp duty in the Union List is as follows: -

“91. Rates of stamp duty in respect of bills of exchange, cheques, promissory notes, bills of lading, letters of credit, policies of insurance, transfer of shares, debentures, proxies and receipts.”

The entry pertaining to levy of stamp duty in the State List is as follows: -

“63. Rates of stamp duty in respect of documents other than those specified in the provisions of List I with regard to rates of stamp duty.”

The entry pertaining to levy of stamp duty in the Concurrent List is as follows: -

“44. Stamp duties other than duties or fees collected by means of judicial stamps, but not including rates of stamp duty.” [emphasis supplied]

From the aforementioned entries, it is clear that the power to legislate on the rate of stamp duty chargeable on instruments of debt assignment (since it is not covered under Entry 91 of the Union List) is with the State Legislature. However, the power to determine whether stamp duty can be charged or not on a specific instrument is in the Concurrent List. In this regard, it may be noted that pursuant to the Enforcement of Security Interest and Recovery of Debt Laws and Miscellaneous Provisions (Amendment) Act, 2016 (“ Amendment Act ”), the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“ SARFAESI ”) and the Indian Stamp Act were amended to provide for an exemption from stamp duty on a deed of assignment in favour of an ARC.

As mentioned above, the power to legislate on whether stamp duty is payable or not on an instrument is in the Concurrent List. Therefore, the Parliament has the power to legislate on the aforesaid subject.

Pursuant to the Amendment Act, section 5(1A) was inserted in SARFAESI which provides that any agreement or document for transfer or assignment of rights or interest in financial assets under section 5(1) of SARFAESI in favour of an ARC is not liable to payment of stamp duty.

In several States, notifications have been issued for remission and/ or reduction of stamp duties on debt assignment transactions. For instance, in Rajasthan, the stamp duty chargeable on any agreement or other document executed for transfer or assignment of rights or interests in financial assets of banks or financial institutions under section 5 of SARFAESI in favour of ARCs 1 has been remitted. Further, in Maharashtra, the stamp duty on instrument of securitization of loans or assignment of debt with underlying security has been reduced to 0.1% (zero point one percent) of the loan securitized or the debt assigned subject to a maximum of Rs. 1,00,000 (Rupees one lac) 2 .

Certain State Governments, such as those of Rajasthan and Tamil Nadu have reduced the stamp duty based on the nature of the financial asset being assigned. In Rajasthan, the stamp duty has been reduced for assignment of standard assets whilst in Tamil Nadu, the stamp duty has been reduced for assignment of non-performing assets and assignment in favour of ARCs.

This paper discusses a recent decision by the Allahabad High Court in the case of Kotak Mahindra Bank Limited v. State of UP & Ors. 3 (“ Kotak case ”), where it was held that an instrument of assignment is chargeable with stamp duty under Article 62(c) (Transfer) of Schedule 1B of the Indian Stamp Act, as applicable in Uttar Pradesh (“ UP Stamp Act ”), as opposed to Article 23 (Conveyance) of Schedule 1B of the UP Stamp Act.

The stamp duty payable in various States under Article 23 or the relevant provision for conveyance is on an ad valorem basis whereas the stamp payable under Article 62(c) or relevant provision for transfer of interest secured, inter alia, by bond or mortgage deed, is a nominal amount. For instance, in Uttar Pradesh, the stamp duty payable under Article 62(c) is Rs. 100 (Rupees one hundred).

Decision in the Kotak case

In the Kotak case, Kotak Mahindra Bank Limited (“ Kotak ”) had purchased and acquired certain loans from State Bank of India (“ Assignor ”) along with the underlying securities.

The question for consideration before the full bench of the Allahabad High Court was whether the deed executed by the applicant with the underlying securities would be chargeable with duty under Article 62(c) or Article 23 of Schedule 1B of the UP Stamp Act.

The court observed that in order to determine whether an instrument is sufficiently stamped, one must look at the instrument in its entirety to find out the true character and the dominant purpose of the instrument. In this case it was observed that the dominant purpose of the deed of assignment entered into between Kotak and the Assignor (“ Instrument ”), was to transfer/ assign the debts along with the underlying securities, thereby, entitling Kotak to demand, receive and recover the debts in its own name and right.

Article 11 of Schedule 1B of the UP Stamp Act provides that an instrument of assignment can be charged to stamp duty either as a conveyance, a transfer or a transfer of lease. The court observed that since the Instrument was not a transfer of lease, it would either be a conveyance or a transfer.

The court referred to the definition of conveyance in the UP Stamp Act, which reads as follows:

““ Conveyance ”. — “Conveyance” includes a conveyance on sale and every instrument by which property, whether movable or immovable, is transferred inter vivos and which is not otherwise specifically provided for [by Schedule I, Schedule IA or Schedule IB] [as the case may be];” [emphasis supplied]

The court held that the term conveyance denotes an instrument in writing by which some title or interest is transferred from one person to other and that the use of the words “on sale” and “is transferred” denote that the document itself should create or vest a complete title in the subject matter of the transfer, in the vendee. In this case since under the Instrument, the rights of the Assignor to recover the debts secured by the underlying securities had been transferred to Kotak, it was held that the requirement of conveyance or sale cannot be said to be satisfied.

The court further observed that debt is purely an intangible property which has to be claimed or enforced by action and not by taking physical possession thereof, in contrast to immovable and movable property. Where a transaction does not affect the transfer of any immovable or movable property, Article 23 of Schedule 1B cannot have any applicability.

The court’s view was that since debt along with underlying securities is an interest secured by bonds and/ or mortgages, transfer of such debt would be chargeable under Article 62(c).

The court further clarified that under the Instrument, merely the right under the contract to recover the debts had been transferred. Since the borrower(s) had never transferred the title in the immovable property given in security to the Assignor, the Assignor could merely transfer its rights i.e. mortgagee's rights in the property to recover the debts. It was further observed that the Assignor never had any title to the underlying securities and that it merely had the right to enforce the security interest upon default of the borrower(s) in repayment. The right transferred to Kotak was primarily the right to recover the debts, in accordance with law, by proceeding against the underlying security furnished by the bonds/ mortgage deed(s).

Therefore, the court held that the Instrument was chargeable with stamp duty under Article 62(c) of Schedule 1B of the UP Stamp Act.

Whilst coming to the conclusion that assignment of debt would not constitute a conveyance, the court referred to the definition of conveyance to state that debt is an intangible property which has to be claimed or enforced by action and not by taking physical possession thereof, in contrast to immovable and movable property.

In this regard, it may be noted that there are various judicial precedents 4 , where it has been held that an interest (including mortgage interest) in immovable property is itself immovable property.

However, even assuming assignment of debt with underlying securities over immovable property amounts to a conveyance, it

may be pertinent to refer to the definition of conveyance in the UP Stamp Act which specifically excludes a conveyance which is otherwise provided for by the Schedule to the UP Stamp Act.

Article 62(c) of the UP Stamp Act reads as follows:

“62. Transfer (whether with or without consideration) – … (c) of any interest secured by a bond, mortgagedeed or policy of insurance--”

In view of the above, transfer of any interest secured by a mortgage deed, which is covered under Article 62(c), would be excluded from the meaning of conveyance and would be chargeable to stamp duty under Article 62.

In this regard it may be pertinent to refer to the definitions of ‘bond’ and ‘mortgage deed’ under the UP Stamp Act, which is as follows:

“" Bond " includes

(a) any instrument whereby a person obliges himself to pay money to another, on condition that the obligation shall be void if a specified act is performed, or is not performed, as the case may be;

(b) any instrument attested by a witness and not payable to order or bearer, whereby a person obliges himself to pay money to another; and

(c) any instrument so attested, whereby a person obliges himself to deliver grain or other agricultural produce to another

“" Mortgage-deed ". — "mortgage-deed" includes every instrument whereby, for the purpose of securing money advanced, or to be advanced, by way of loan, or an existing or future debt, or the performance of an engagement, one person transfers, or creates, to, or in favour of another, a right over or in respect of specified property;”

In view of the above, where a debt secured by a bond or a mortgage deed is assigned under a deed of assignment, the stamp duty payable on such deed of assignment will be under Article 62(c) of the UP Stamp Act or corresponding provisions of the Stamp Act of other States.

However, in cases of unsecured loans or loans secured by an equitable mortgage (where there is no mortgage deed), the deed of assignment would attract ad valorem stamp duty chargeable on conveyance, since the same will not get covered under Article 62(c) or similar provisions in other states.

The market practice until now has been to stamp the deed of assignment of debt under the relevant article for Conveyance in the applicable Stamp Act. In fact, in States such as Maharashtra, the State Government has issued notifications for reduction of stamp duty on a deed of assignment under the article for Conveyance.

The judgment passed by the Allahabad High Court in the Kotak case may prove to be a welcome step in reducing the incidence of stamp duty on debt assignment transactions. However, it would need to be seen whether in other States a similar view is taken by stamp duty authorities.

This update has been prepared by Aastha (Partner), Debopam Dutta (Managing Associate) and Abhay Jain (Associate).

1 Notification No. F4(3)FD/Tax/2017-110 dated March 8, 2017 issued by Finance Department (Tax Division) Government Of Rajasthan.

2 Notification No.Mudrank-2002/875/C.R.173-M-1 dated May 6, 2002 issued by Revenue & Forests Department, Government of Maharashtra.

3 Reference Against MISC. Acts. No. 1 of 2016, order dated February 9, 2018.

4 Bank of Upper India Ltd. (in liquidation) v. Fanny Skinner and Ors., AIR 1929 All 161. See also Prahlad Dalsukhrai and Ors. v. Maganlal Muljibhai Tewar, AIR 1952 Bom 454 and Harihar Pandey v. Vindhayachal Rai and Ors., AIR 1949 Pat 170.

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Is Sleep Debt Something You Should Worry About?

Is it possible to truly "catch up" on sleep over the long-term?

Vera Blair / Stocksy

What Is Sleep Debt?

Signs you’ve accrued sleep debt, can you “catch up” on sleep.

• Tips for Catching Up
• How to Improve Sleep
• Next in Mind Over Mattress Guide What Can a Sleep Study Tell You About Your Mental Health?

Getting through the day on a poor night’s sleep is brutal. You feel groggy and foggy-brained, it’s hard to muster momentum, and it can even affect your mood . Studies have shown that when sleep quality is consistently poor, these symptoms can become exacerbated and even negatively impact our long-term memory and decision-making skills.

“In addition to physical and mental health, sleep—or lack of it—affects how we make decisions, our judgment, our motivation, our outlook, our communication, and our productivity. Even our coordination is diminished with lack of sleep,” notes Terry Cralle , RN, a registered nurse and expert for the Better Sleep Council. 

When lack of sleep becomes the norm, this leads to “sleep debt.” Ahead, we’re explaining what sleep debt is and whether sleep is something you can truly “catch up” on in order to feel rested.

Sleep debt refers to the difference between the amount of sleep your body needs and the amount you are actually getting.

Think of sleep as a credit for the brain. When you’re chugging along and getting adequate sleep, your bank account is in the green. When you start sleeping less, though, your bank account begins dwindling. If this trend continues, you can accrue sleep debt. To reduce this debt, you need to pay it forward with more sleep, says the Centers for Disease Control and Prevention(CDC).

The CDC says that adults should aim for seven to nine hours of sleep per night, and that teens should get eight to 10 hours. Younger children need even more sleep than this, depending on their age. School-age children require nine to 12 hours, and preschoolers should get 10 to 13 hours.

“It takes less than 72 hours to see the consequence of lack of sleep on mental and physical health, and the only way to recover from lost sleep is sleep,” says Allison Brager , MD, a neurobiologist with expertise in sleep and circadian rhythms. “No amount of caffeine or stimulation can mirror or mask the consequences of sleep deprivation.” 

Dr. Brager warns that, over time, chronic sleep debt may contribute to more serious health problems, such as obesity , diabetes, heart and other organ diseases, and even cancer. 

So how can you tell if you're dealing with sleep debt? Here are some common signs to look out for:

• Drowsiness 
• Foggy brain or muddled thinking 
• Poor decision making 
• Reduced concentration/ attention span
• Low energy levels
• Feeling physically weak or lethargic 
• Inability to remain alert 
• Mood swings  
• Poor memory  

You can also download a sleep app to track how well you sleep.

So, can sleeping in on weekends, going to bed earlier the following night, or taking naps actually make up for your accumulated sleep debt? The answer is "yes," with some caveats. 

Dr. Brager says that in order to improve the chances of re-balancing your sleep bank account, you should “catch up” within three days of poor sleep. Once you’re past that three-day mark, she says it becomes difficult to resolve the sleep debt. 

To that end, even if you do end up normalizing your sleep, Cralle notes that some research has shown that it may not be possible to undo some of the damage caused by chronic sleep deprivation . For example, one study found that weekend catch-up sleep (CUS) can’t reverse the metabolic dysregulation and weight gain that can come with sleep loss.

Ultimately, avoiding sleep debt is the best plan of action for your overall health and well-being.

Tips for Catching Up on Sleep

Here are some ways you can get more sleep in the day(s) that follow a poor night of sleep. You can repeat these things daily, as needed, in order to catch up on sleep. 

• Take a 15- to 60-minute nap (naps longer than this can potentially make you groggier).
• Go to bed 30 to 60 minutes earlier than usual.
• Reschedule your first meeting of the morning, if feasible, so you can sleep in.
• Skip the morning workout so you can sleep in.

5 Ways to Improve Your Sleep Starting Tonight

A poor night’s sleep is bound to happen here and there, and you can recover from lack of sleep when proactive about catching up within three days. However, an ongoing pattern can lead to chronic deprivation and negatively impact your health and well-being.

Too many people get in the habit of yo-yo sleeping—chronically under-sleeping during the week and oversleeping on the weekends. Make time for sufficient sleep every day of the week.

• Look at your patterns: Reassess your current schedule and see where you can better manage time or reduce obligations to prioritize sufficient sleep. 
• Enforce a media curfew: “Turn off electronics before bedtime and avoid checking your phone if you get up in the middle of the night,” says Cralle. 
• Avoid caffeine after noon: Caffeine can keep you wired past bedtime , making it difficult to get to sleep. Avoid a cycle of caffeinating all day to stay awake because you got poor sleep the night before.  
• Improve sleep hygiene : Dim lights an hour before bedtime, remove TVs from your bedroom, and make sure bedding is clean and comfortable. 
• Create a bedtime routine: Kids aren’t the only ones who benefit from a consistent routine. “Perhaps just stretch, mobilize, and/or meditate prior to falling asleep,” suggests Dr. Brager. This routine might also include things like reading a book, taking a hot shower, or journaling.

Bottom Line

We spend roughly a third of our lives asleep, and this time is crucial to our overall body function, physical health, and mental well-being. Sleep regulates everything from our emotions to our decision-making abilities, replenishes energy reserves, and gives our bodies time to recover so our organs function well. Prioritize consistently good sleep every night and do your best to catch up on a poor night’s sleep as soon as you’re able.

Alhola P, Polo-Kantola P. Sleep deprivation: Impact on cognitive performance . Neuropsychiatr Dis Treat . 2007;3(5):553-567.

Centers for Disease Control and Prevention. Sleep debt .

Centers for Disease Control and Prevention. How much sleep do i need? .

By Wendy Rose Gould Wendy Rose Gould is a lifestyle reporter with over a decade of experience covering health and wellness topics.

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Statement by President Joe   Biden on Next Steps on Student Debt   Cancellation

Today, my Administration took another major step to cancel student debt for approximately 30 million Americans.  By providing more information to borrowers on how they can take advantage of our upcoming debt relief programs, borrowers will be prepared to benefit swiftly once the rules are final. Despite attempts led by Republican elected officials to block our efforts, we won’t stop fighting to provide relief to student loan borrowers, fix the broken student loan system, and help borrowers get out from under the burden of student debt. 

Today’s announcement comes on top of the significant progress we’ve made for students and borrowers over the past three years. That includes canceling student debt for nearly 5 million Americans so far through various actions; providing the largest increases to the maximum Pell Grant in over a decade; fixing Income-Driven Repayment so borrowers get the relief they are entitled to under the law; and holding colleges accountable for taking advantage of students and families.

From day one of my Administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity. I will never stop working to make higher education affordable and to make sure our Administration delivers for the American people.

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