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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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8403.sam
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1993-08-01
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36 lines
PLEDGE OF LIFE INSURANCE POLICY FOR DEBT
Edward Charnel, referred to as DEBTOR, and Kris Murty, referred to
as CREDITOR, agree:
Edward Charnel is indebted to CREDITOR in the amount of $
15,500.00 ( fifteen thousand five hundred & no/100 dollars) by
virture of a promissory note dated May 15, 1994. DEBTOR assigns to
CREDITOR the following policy of life insurance:
Policy number: AL-9394775
Face amount: $ 25,760.00 ( twenty five thousand seven hundred
sixty & no/100 dollars)
Amount of loans/charges against policy: 0 ( & no/100 dollars)
as collateral for the debt. Any and all proceeds from the policy
are assigned to the CREDITOR, to the extent of principal and
interest due upon the debt, and any renewals and extensions
thereof. The DEBTOR shall prepare any further instruments required
to effect this pledge.
Dated: _________________________
______________________________________________
Edward Charnel
_____________________________________________
Kris Murty, by an authorized officer