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• Deed of Assignment and Transfer of Rights

DEED OF ASSIGNMENT AND TRANSFER OF RIGHTS

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Deed of Assignment and Transfer of Rights [Parts and Template]

A Deed of Assignment and Transfer of Rights is a legal document used when a person or a company who originally was a party to a contract (also known as the assignor or transferor) transfers his or its rights under the contract to another party (the assignee or transferee).

Accordingly, when the Deed of Assignment and Transfer of Rights has been drafted on the basis that in the original contract there is no prohibition to or restriction on assignment, and hence signed by both parties, it can be consequently assigned without the other contracting party’s consent.

In this article, I’ll try to dissect a sample Deed of Assignment and Transfer of Rights of a St. Peter Life Plan and provide descriptions of its fundamental elements or parts. As drafting a deed requires abundant caution, presence of mind, and knowledge of property and other allied laws, I highly advise that you seek help from experts and experienced in legal transactions.

Parts of a Deed of Assignment and Transfer of Rights

[1] Title of Deed . As implied above, deeds come in different forms and types. Check if the document and the first section displays the title – Deed of Assignment and Transfer of Rights. Conventionally, the first paragraph runs:

  KNOW ALL MEN BY THESE PRESENTS:

This deed, made and entered made and entered into this 13 rd day of January 2018 at the City of Manila, by and between:

[2] Parties Involved . A Deed of Assignment and Transfer of Rights must contain accurate information about the identities of the assigning and assigned parties. Other information such as age legality, citizenship, and postal address must be included, just as seen below:

Juan De la Cruz, Filipino citizen, of legal age, married to Josefina De la Cruz, and with residence and postal address at 123 Kasiglahan Street, Karangalan Village, Dela Paz, Pasig City, Philippines, hereinafter referred to as the “ASSIGNOR/TRANSFEROR”

Sebastian Maliksi, Filipino citizen, of legal age, single, and with residence and postal address at 456 Kasimanwa Street, Karangalan Village, Dela Paz, Pasig City, Philippines, hereinafter referred to as the “ASSIGNEE/TRANSFEREE”

[3] Contract Details . A Deed of Assignment and Transfer of Rights must contain a detailed description of the contract, hence in the context here – St. Peter Traditional Life Plan (St. Anne) contract and the Life Plan Agreement (LPA) Number:

WHEREAS, the ASSIGNOR/TRANSFEROR is the owner of life / memorial plan contract which is identified as St. Peter Traditional Life Plan (St. Anne), with Life Plan Agreement No. 123456;

[4] Contract Assignment and Transfer Agreement . As one of the most important and critical parts, this specifies the terms and conditions of the agreement. See sample below:

WHEREAS, for and in consideration of the value of the plan and out of accommodation and assistance for the ASSIGNEE/TRANSFEREE, the ASSIGNOR/TRANSFEROR is assigning and transferring all his/her rights and interests over the Life Plan mentioned in the immediately preceding paragraph to the ASSIGNEE/TRANSFEREE;

NOW, therefore for and in consideration of forgoing premises, the parties hereto have agreed on the following terms and conditions, to wit;

THE ASSIGNOR/TRANSFEROR, hereby waives all his / her rights and interests in the subject life plan in favor of the ASSIGNEE/TRANSFEREE. It is understood that when the Life Plan is assigned / availed of, then all obligations of St. Peter Life Plan, Inc. are fulfilled and discharged.

As a consequence of this assignment / transfer of rights, the ASSIGNEE/TRANSFEREE hereby assumes all the obligations and accountabilities of the ASSIGNOR/TRANSFEROR to St. Peter Life Plan, Inc. in connection with the life plan contract which it issued to the latter.

The ASSIGNEE/TRANSFEREE obligates and / or undertakes to comply with and abide by the requirements which St. Peter Life Plan Inc. may impose in connection with the purchase, possession, and use of the said Life Plan particularly the requirement that it should be fully paid before the memorial service could be availed of pursuant to the Life Plan.

[5] Execution . Once the Deed of Assignment and Transfer of Rights is drafted, the parties involved shall execute it by affixing their signatures. Other than the assigning and assigned parties, witnesses should also sign all the pages of the document. In addition, the deed shall be acknowledged and notarized by a legal practitioner.

IN WITNESS WHEREOF the parties have hereunto set their hands on the date and place first above written.

[  Assignor/Transferor]                           [Assignee/Transferee]

SIGNED IN THE PRESENCE OF:

[Witness]                                                    [Witness]

Disclaimer: Although much effort has been exerted in the creation of this article, the author disclaims any legal expertise and does not guarantee the accuracy and legitimacy of any or all of the information. Hence, it is advised that you consult with professionals such as insurance brokers and lawyers before engaging in legal transactions.    

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Things you need to know about Deed of Assignment.

Last updated on 8 January 2024

1. What is a Deed of Assignment? 

A Deed of Assignment is a contract where the owner (the “assignor”) transfers ownership over property to another person (the “assignee”) by way of assignment. The assignee steps into the shoes of the assignor and assumes all the rights and obligations to the property.

If you will assign immovable property (e.g. land, house) then use this Deed of Assignment for Immovable Property instead.

2. When do you need a Deed of Assignment?

A Deed of Assignment is used when the owner wants to transfer ownership (and the rights and obligations) over property to another person.

3. What information do you need to create the Deed of Assignment?

To create your Deed of Assignment you’ll need the following minimum information:

• The type of assignor (e.g. individual or business) as well as name and details (e.g. nationality and address).
• The type of assignee (e.g. individual or business) as well as name and details (e.g. nationality and address).
• Brief description of the property to be assigned.

4.  How much is the document?

The document costs PHP 400 for a one-time purchase. Once purchased you have unlimited use and revisions of this type of document.

You can also avail of Premium subscription at PHP 1,000 and get (a) unlimited use of our growing  library  of documents (from affidavits to contracts); and (b) unlimited use of our “ Ask an Attorney ” service, which lets you consult an expert lawyer anytime for any legal concern you have.

Related Documents.

Activities that involve a Deed of Assignment sometimes use the following documents. You may be interested in them:

Deed of Assignment for Immovable Property

Assign your rights to immovable property (e.g. house, land) to another person

Document Name

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Deed of Assignment and Transfer of Rights

• Post author By Belle
• Post date June 14, 2022

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Extra Judicial Settlement of Estate with Waiver of Rights and Deed of Absolute Sale

EXTRA JUDICIAL SETTLEMENT OF ESTATE WITH WAIVER OF RIGHTS AND DEED OF ABSOLUTE SALE

(Estate of { } )

KNOW ALL MEN BY THESE PRESENTS:

This Extra- Judicial Settlement of Estate among heirs, made entered into by and among:

{ } , of legal age, { } , { } and a permanent resident of ___________________, Taguig City, Philippines.

{ } , of legal age, { } , _______, and a permanent resident of ___________________, Taguig City, Philippines (herein represented by { } by virtue of Special Power of Attorney Annex "A") .

{ } , of legal age, { } , ________ and a permanent resident of ______________________________, Taguig City, Philippines (herein represented by { } by virtue of Special Power of Attorney Annex "A") . .

{ } , of legal age, { } , _____and a permanent resident of ______________, Taguig City, Philippines (herein represented by { } by virtue of Special Power of Attorney Annex "A") . .

WITNESSETH: THAT

WHEREAS, { } , died intestate on { } at { } as evidenced in the attached death certificate ( Annex "B") , leaving a parcel of land and it's improvements specifically described as follows;

“ a. Katibayan ng Orihinal na Titulo Blg. { }

Paglalarawang Teknikal

b.Katibayan ng Orihinal ng Titulo Blg. { }

c. Katibayan ng Orihinal na Titulo Blg. { }

WHEREAS, the parties hereto are the only surviving heirs of the deceased, they being the legitimate children, husband of the descendant.

WHEREAS, { } .

DEED OF ABSOLUTE SALE

WHEREAS, { } will SELL, CONVEY, and TRANSFER by way of ABSOLUTE SALE proviso portion in the said properties in favor of { } .

FURTHER, and for and in consideration of the sum of { } Pesos Only ( Php { } ) acknowledged by us to our full and complete satisfaction, { } do hereby SELL, CONVEY, and TRANSFER by way of ABSOLUTE SALE unto { } , of legal age, single and a resident of _________________, { } , legal age, single and a resident of _________________, and { } legal age, single and a resident of _________________., their heirs, assigns and successors-in-interests, all our rights, interests and participation over the above-described parcels of land.

To generalize, the parties agree that the subject properties will belong to { } , of legal age, single and a resident of _________________, { } , legal age, single and a resident of _________________, and { } legal age, single and a resident of _________________ .

{ } , { } and { } will be the co-owners of the said properties

Now THEREFORE, for and in consideration of the Provisions of Section 1, Rule 74 of the Revised Rules of Court of the Philippines, the parties hereto, do by these presents agree to an Extra-Judicial Settlement.

Subject, however, to the liabilities imposed by Section 4, Rule 74 of the said Rules of Court, in favor of any other possible heirs, creditors and other persons who might have been deprived of their lawful participation in the estate of the decedent for a period of two (2) years.

IN WITNESS WHEREOF, the parties have hereunto set their hands this ____ day of ________________________ at Taguig City.

{ } ID No: { }

Issued by: { }

City of Taguig

(Also for { } ,

{ } by virtue of SPA )

SIGNED IN THE PRESENCE OF:

_____________________________ ____________________________

ACKNOWLEDGEMENT

REPUBLIC OF THE PHILIPPINES)

CITY OF TAGUIG ) Sc

x---------------------------------------------x

BEFORE ME, appeared the above stated parties showing their Identification documents as stated below their names and known to me as the parties who executed this Extra Judicial Settlement with Deed of Absolute Sale and they acknowledged to me as their free and voluntary act and deed.

This document, consist of six (6) pages including this page where this acknowledgement is written, with every page thereof duly signed by the parties including their instrumental witnesses, at the bottom or left margin thereof and seal with notarial seal.

Witness my hand and seal this day ___________________, Taguig City, Philippines.

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Contract Assignment Agreement

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A Contract Assignment Agreement is a document that is used when one party (the "assignor") has an existing contract with an obligor and the said contract will be assigned to another party (the "assignee") . Assigning the contract means that all the rights and obligations of the assignor will be transferred to the assignee. Once the contract is assigned, the assignee will now have the duty to fulfill all the obligations under the contract and they will also have all the rights under the contract.

Take note however that some contracts have provisions that prohibit its assignment. This could be an absolute prohibition or it could be prohibited until the consent of the obligor is obtained. If there is an absolute prohibition against assigning the contract, then the contract cannot be assigned using this document. However, if the obligor's consent is required, then it is necessary to first obtain the consent of the obligor before assigning the contract.

How to use this document

The parties should first check the contract that will be assigned to see if assignment is permitted, or prohibited, or if the consent of the the obligor is required before the contract can be assigned . If assignment is permitted or the required consent is obtained, then this document can be used to assign the contract.

The user should enter all the information necessary to complete the document. The information that should be entered includes the details of the assignor, assignee, and the obligor . The name or title of the contract that will be assigned can also be entered. If there will be any attachments, such as the contract that will be assigned or the written consent of the obligor, a copy of the same should be marked and attached to the document . To mark the document, the user should write Annex "A" or Annex "B", etc. on the upper right-hand part of the first page of each attachment. The user should use the document as a guide to properly mark the document .

Once the document is completed the parties should review the document and, if all the information is complete, sign the same. Each party should keep an original copy of the signed document.

Notarizing the document

Notarizing this document is optional. However, if the parties would want to notarize this document, the document includes an Acknowledgment portion. Notarization of the document converts the document from a private document to a public document so that it becomes admissible in court without the need for further proof of its authenticity.

To notarize the document, the parties must print and sign an extra copy (for the notary public) of the document and bring all the copies to a notary public to acknowledge that they have signed the Contract Assignment Agreement freely and voluntarily . They should also present a valid I.D. issued by an official agency bearing their photograph and signature such as a driver's license or a passport, among others.

Once notarized, the parties should each keep at least one (1) copy of the notarized document and the notary public will also keep one (1) copy for their notarial book.

Applicable law

The laws on contracts and obligations apply to this contract. However, other laws may apply depending on the type of contract that will be assigned.

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.

Guides to help you

• What to do after Creating a Contract?
• When and how to Notarize a Document?

Other names for the document:

Contract Assignment Contract, Agreement to Assign Contract, Contract to Assign Agreement, Assignment Agreement for Contracts, Agreement for Assignment of Contract

Country: Philippines

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• Notice of Meeting
• Deed of Assignment of Stock Subscription
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• Release, Waiver, and Quitclaim (One-Way)
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404 Not found

PROJECT JURISPRUDENCE

Effect of assignment of rights in compensation.

ART. 1285. The debtor who has consented to the assignment of rights made by a creditor in favor of a third person, cannot set up against the assignee the compensation which would pertain to him against the assignor, unless the assignor was notified by the debtor at the time he gave his consent, that he reserved his right to the compensation. If the creditor communicated the cession to him but the debtor did not consent thereto, the latter may set up the compensation of debts previous to the cession, but not of subsequent ones. If the assignment is made without the knowledge of the debtor, he may set up the compensation of all credits prior to the same and also later ones until he had knowledge of the assignment. (1198a)

If the assignment is with debtor's knowledge but did not give his consent , the debtor may set up compensation of debts previous to the assignment but not of subsequent ones. The amendment of the second paragraph of Article 1285 has been proposed in such a way as to make the determining point of time not the act of cession itself but the receipt of the notice of the cession, as this is more in consonance with the rule stated in Article 1626.[1][2]

If the assignment is without the knowledge of the debtor , the debtor may set up compensation of all credits prior and also later to the assignment until he had knowledge of the assignment

[1] J.B.L. Reyes, Observation on the New Civil Code, XVI L.J., p. 49, Jan. 31, 1951.

[2] De Leon. (2014). Obligations and Contracts.

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