quot (2) The priority between an assignee and the effectiveness of an assignment as against the insolvency administrator is governed by the law governing insolvency of the country in which the assignor has its place of business .

Bankruptcies Debtor sales

1. The mutual rights and obligations of the assignor and the assignee arising from their agreement are governed by the law chosen by them.

(c) Paragraphs (a) and (b) of this recommendation do not affect any right of the assignor or the assignee arising from breach of an agreement between them.

Technology transfers could not be mandated by the General Assembly, but required mutual agreements establishing the terms of such transfers.

(3) A receivable assigned by the assignee to a subsequent assignee is transferred notwithstanding any agreement limiting in any way the assignor apos s right to assign its receivables.

quot (1) Unless otherwise provided by law or by agreement between the assignor and the assignee, any personal or property rights securing payment of the assigned receivables are transferred to the assignee without a new act of transfer.

2. In the absence of a choice of law by the assignor and the assignee, their mutual rights and obligations arising from their agreement are governed by the law of the State with which the contract of assignment is most closely connected.

(a) Personal or property rights securing or supporting payment of the assigned receivable are transferred to the assignee without a new act of transfer.

(b) A right securing payment of the assigned receivable may be transferred notwithstanding any agreement between the assignor and the account debtor or other person granting that right, limiting in any way the assignor's right to assign the receivable or the right securing payment of the assigned receivable

3. Paragraphs 1 and 2 of this article do not affect any right of the assignor or the assignee arising from breach of an agreement between them.

(a) Assignment means the transfer by agreement from one person ( assignor ) to another person ( assignee ) of all or part of or an undivided interest in the assignor's contractual right to payment of a monetary sum ( receivable ) from a third person ( the debtor ). The creation of rights in receivables as security for indebtedness or other obligation is deemed to be a transfer

2. An agreement concluded after notification of the assignment between the assignor and the debtor that affects the assignee's rights is ineffective as against the assignee unless

1. An agreement concluded before notification of the assignment between the assignor and the debtor that affects the assignee's rights is effective as against the assignee, and the assignee acquires corresponding rights.

2. A right securing payment of the assigned receivable is transferred under paragraph 1 of this article notwithstanding any agreement between the assignor and the debtor or other person granting that right, limiting in any way the assignor's right to assign the receivable or the right securing payment of the assigned receivable.

quot (b) a future receivable is deemed to be transferred at the time agreed upon between the assignor and the assignee and, in the absence of such agreement, at the time of the assignment or, in the case of a receivable arising from an agreement other than the original contract or from a court order, at the time when it arises becomes payable . quot

The law should treat all devices that perform security functions as secured transactions, including the transfer of title to tangibles or the assignment of intangibles for security purposes, retention of title, financial leases and hire purchase agreements, except to the extent otherwise contemplated in recommendation 7 .

1. The mutual rights and obligations of the assignor and the assignee arising from their agreement are determined by the terms and conditions set forth in that agreement, including any rules or general conditions referred to therein.

(b) An agreement concluded after notification of the assignment between the assignor and the account debtor that affects the assignee's rights is ineffective as against the assignee unless

(a) An agreement concluded before notification of the assignment between the assignor and the account debtor that affects the assignee's rights is effective as against the assignee, and the assignee acquires corresponding rights

Priority between the assignee and the insolvency administrator or creditors of the assignor

5. The transfer of a possessory property right under paragraph 1 of this article does not affect any obligations of the assignor to the debtor or the person granting the property right with respect to the property transferred existing under the law governing that property right.

quot (3) Future receivable means a receivable that might arise after the conclusion of the assignment.

1. An assignment of a receivable is effective notwithstanding any agreement between the initial or any subsequent assignor and the debtor or any subsequent assignee limiting in any way the assignor's right to assign its receivables.

(c) Notwithstanding paragraphs (a) and (b) of this recommendation, defences and rights of set off that the account debtor may raise pursuant to recommendations 15 and 16 against the assignor for breach of an agreement limiting in any way the assignor's right to make the assignment are not available to the account debtor against the assignee.

(c) Foreign exchange transactions, inter bank payment systems, transfer of security rights and transfer of economic assets

Article 24. Competing rights of assignee and insolvency administrator or creditors of the assignor 30 44 9

Article 24 . Competing rights of assignee and insolvency administrator or creditors of the assignor

The Party transferring the proceeds of crime or property assumes no liability or responsibility for the proceeds of crime or property once they have been transferred and relinquishes all right or title to and interest in the transferred proceeds of crime or property.

(a) An assignment is effective as between the assignor and the assignee and as against the account debtor notwithstanding an agreement between the initial or any subsequent assignor and the account debtor or subsequent assignee limiting in any way the assignor's right to assign its receivables

quot (2) Without prejudice to the rights of parties in possession of the goods, a right securing payment of the assigned receivables is transferred to the assignee, notwithstanding any agreement between the assignor and the debtor, or the person granting the security right, limiting in any way the assignor apos s right to assign such a security right.

quot (3) An assignee has priority over an insolvency administrator and creditors of the assignor, including creditors attaching the assigned receivables, if

quot (4) An assignee has priority over an insolvency administrator and creditors of the assignor, including creditors attaching the assigned receivables, if

quot (b) any right of the administrator in the insolvency of the assignor,

Attorney and Conveyancer, Supreme Court of South Africa, 1967 1995.

(d) The transfer of security rights in sale, loan, holding of or agreement to repurchase securities or other financial assets or instruments held with an intermediary

However, an important outstanding issue concerned the effects of assignment on third parties, i.e. creditors of the assignor and the administrator in the insolvency of the assignor.

(b) an assignment of receivables that are not specified individually is effective to transfer receivables that can be identified as receivables to which the assignment relates, at the time agreed upon by the assignor and the assignee and, in the absence of such agreement, at the time when the receivables arise.

In order to address that concern, the suggestion was made that the draft Convention should not deal with competing rights of the assignee and the administrator in the insolvency of the assignor.

(a) The assignor has the right to assign the receivable

Transfer of rights securing the assigned receivables

Effect of a subordination agreement in insolvency proceedings

3. Notwithstanding paragraphs 1 and 2 of this article, defences and rights of set off that the debtor may raise pursuant to article 9 or 10 against the assignor for breach of an agreement limiting in any way the assignor's right to make the assignment are not available to the debtor against the assignee.

(i) Another assignee of the same receivable from the same assignor, including a person who, by operation of law, claims a right in the assigned receivable as a result of its right in other property of the assignor, even if that receivable is not an international receivable and the assignment to that assignee is not an international assignment

(e) The right to transfer, encumber or otherwise dispose of any assets of the estate is suspended.