Debt assignment and assumption agreements are generally covered by the law of the state in which the debt originally arose. This document is different from a debt settlement agreement because it is there that the original debtor has repaid all the debts and is now free and clear. The guilt is still there, but it is only due to the creditor by another party. It also differs from an acknowledgement of debt form, since the original debtor simply signs a document acknowledging his debt. This document is extremely short and developed. It contains only the identities of the parties, the terms of the debt, the amount of the debt and the signatures. It is automatically fulfilled with certain important contractual conditions to make it a complete agreement. A guilt and acquisition agreement is a very simple document in which one party assigns its debt to another party and the other agrees to incur that debt. The party rejecting the debt is the original debtor; They are called assignars. The party assuming responsibility is the new debtor; they are appointed as agents. When this document is completed, it must be printed, signed by the owner and creditor, and then signed by the transferee before a notary. It is important that the signature of the beneficiary of the assignment is notarized, as this is the party that takes over the debt. Other names of the document: debt assignment agreement, debt reversal agreement, debt transfer and reversal, debt reversal and assignment, debt repurchase and assignment, debt assignment contract.