Cession by Agent of Future Commission to Secure a Debt
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A cession is a legal act of transfer. It encompasses an agreement which provides that the transferor or cedent transfers a right to the transferee or cessionary. The principle is that the holder/creditor of a right can cede his or her claim to his or her own creditor in order to secure the debt which he or she owes. The primary function of a cession is to effect a substitution of creditors. The subject matter of the cession is personal rights and no real rights are transferred.
The Debtor cedes to the Guarantor all the several sums of money due or to become due to the Debtor by way of commission under the contracts of agency set out.
- Parties to the agreement
- Contracts of agency
This document was written for Agreements.org by a Senior Attorney (Admitted in the High Court) with more than 18 years’ experience. It complies with current South African law.