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Security Assignment Agreement
FOR GOOD AND VALUABLE CONSIDERATION, receipt of which consideration is hereby acknowledged, I/we hereby convey and assign to [Name] of [Address] hereinafter referred to as "Assignee" all my[our] ownership rights and interest in the following security agreements, more particularly described as:
The assignor represents that the security interest described above is fully and completely assignable and has not been terminated. In addition, the Assignee shall perform all of the duties of the assignor pursuant to the terms of the security agreement.
The Assignee shall further indemnify the assignor from any and all claims arising out of the security agreement. The Assignor shall also provide reasonable notification to the debtor regarding this assignment.
This Section for Notary:
STATE OF -------)
) ss: [date]
COUNTY OF ------)
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
[Name of Notary Public]
My commission expires: [date]