Assignment Of Judgment Agreement Template for Singapore

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Key Requirements PROMPT example:

Assignment Of Judgment Agreement

"I need an Assignment of Judgment Agreement under Singapore law to transfer a commercial debt judgment of SGD 2.5 million from my company to a debt collection agency, with completion scheduled for March 15, 2025."

Document background
The Assignment of Judgment Agreement is utilized when a judgment creditor wishes to transfer their rights under a court judgment to another party, typically for immediate monetary consideration or strategic purposes. This document, essential in Singapore's legal framework, must comply with specific statutory requirements including those under the Civil Law Act and Rules of Court 2021. It details the original judgment, consideration for the transfer, representations about the judgment's validity, and procedures for notifying the judgment debtor. This agreement is particularly relevant in debt collection, asset recovery, and financial restructuring scenarios.
Suggested Sections

1. Parties: Identifies and defines the assignor (current judgment holder) and assignee (party receiving the judgment rights)

2. Background: Details of the original judgment, including case number, date, parties involved, and reasons for the assignment

3. Definitions: Key terms used throughout the agreement including 'Judgment', 'Assignment Date', 'Judgment Debtor', etc.

4. Assignment: Core provisions detailing the transfer of judgment rights, including the scope and effective date of the assignment

5. Consideration: Details of payment or other consideration for the assignment of judgment rights

6. Representations and Warranties: Assignor's confirmations about the validity of judgment and their right to assign

7. Notice Requirements: Provisions regarding notification to judgment debtor and any formal requirements

Optional Sections

1. Further Assurance: Additional actions parties may need to take to perfect the assignment or assist in enforcement

2. Costs: Allocation of legal and administrative costs associated with the assignment

3. Partial Assignment: Terms governing assignment of only part of the judgment amount or rights

Suggested Schedules

1. Schedule 1 - Original Judgment Details: Certified copy or detailed extract of the original judgment being assigned

2. Schedule 2 - Form of Notice: Template notice to be given to the judgment debtor regarding the assignment

3. Schedule 3 - Payment Schedule: Details of installment payments if consideration is not paid in full at completion

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
Clauses
Industries

Civil Law Act (Cap. 43): Primary legislation governing assignments of rights and choses in action in Singapore, including requirements for valid assignments.

Rules of Court 2021: Procedural framework detailing requirements for assignments of judgments, including notice requirements and court procedures for enforcement.

Supreme Court of Judicature Act: Legislation governing jurisdictional considerations and court powers regarding assignments in Singapore.

Conveyancing and Law of Property Act (Cap. 61): Laws relating to the transfer of legal rights and requirements for valid legal assignments.

Assignment Requirements - Absoluteness: Legal requirement that the assignment must be absolute and not by way of charge.

Assignment Requirements - Writing: Mandatory requirement that assignments must be in writing and signed by the assignor.

Assignment Requirements - Notice: Legal obligation to provide notice of the assignment to the judgment debtor.

Money Lending Regulations: Regulatory compliance requirements if the assignment involves money lending aspects.

Contract Law Fundamentals - Consideration: Basic contract law requirement ensuring valid consideration for the assignment.

Contract Law Fundamentals - Capacity: Legal requirement regarding the capacity of parties to enter into the assignment agreement.

Contract Law Fundamentals - Identification: Requirement for clear identification of the judgment being assigned.

Registration Requirements: Any necessary registration requirements with authorities and filing requirements with the court.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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