Want to know about assignment of promissory note! Once signed by the issuer, loan promissory notes act more or less as currencies do, especially in their immediate jurisdiction. The bearer can transfer all rights over the note to another person or institution. As long as the note is labeled as unconditional, all the terms and conditions applicable at the time of issue will also apply with the new owner.
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All legal issuing, recording and designing conventions and requirements of the different states involved must be observed before making or assigning a note. Missing even a single step can lead to lengthy court battles when trying to implement a foreclosure. If you intend to write this promissory note for the first time or want to save time, you can download example sample template in word or PPT format to help you get the job done.
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|After Recording Return to:||))|
—-Above This Line Reserved For Official Use Only—–
ASSIGNMENT OF NOTE AND DEED OF TRUST AS SECURITY FOR DEBT OF THIRD-PARTY
STATE OF _____________________
COUNTY OF ______________________
FOR VALUE RECEIVED, the undersigned hereby transfers, sets over, and assigns unto the ____________________________ all of its right, title, and interest in and to the following;
Promissory Note, dated this date, in the original principal amount of
$ _____, executed by _____________________ in favor of _______________________________________ .
Deed of Trust dated this date, executed by _________________in favor of
_______________________, and filed for record on ______________, ________ , in Book _____ at Page _____, et seq. in the ______________ of __________ County, _______________.
This assignment is made to secure an indebtedness of _______________ to __________________ dated ______________ in a principal amount not to exceed $___________________ plus applicable interest and collection fees and costs. In no event shall the note and deed of trust assigned stand as collateral for any other indebtedness of _____________ without the consent of the undersigned.
The undersigned is not personally obligated on the debt described in the preceding paragraph but is only pledging security for said debt, in consideration for ____________________ extending credit to .
Notice of default of the debt from ____________ to ______________ shall be given to the undersigned.
IN WITNESS WHEREOF, the undersigned has caused this instrument to be executed and its seal affixed by its duly authorized officer this ______ day of _________________, ________.
(NAME OF CORPORATION)
(NAME OF PARTNERSHIP)
Add appropriate acknowledgment for your State.
State Specific Real Estate Forms
–For State Specific Real Estate Forms you can download in Word format, go to http://www.uslegalforms.com/realestate/