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Draft for Conference Call 6-5-07 1 (May 31, 2007)

handle is hein.nccusl/nccpub00965 and id is 1 raw text is: Draft May 31, 2007 - Under review and subject to change United Nations Convention on the Assignment of Receivables in International Trade Prefatory Note The United Nations Convention on the Assignment of Receivables in International Trade has been signed by the United States and may be considered for ratification by the United States Senate. The Convention permits a country that adopts the Convention to make declarations with respect to specified articles of the Convention. By a declaration the adopting country modifies or supplements a provision of the Convention in a manner permitted by the Convention. The articles of the Convention with respect to which a declaration may be made are set forth below. Following each article is either a declaration proposed for adoption by the United States Senate or a statement that no declaration is proposed. Several understandings relating to the Convention are also proposed. In an understanding the adopting country sets forth its interpretation of a particular provision of the Convention without modifying or supplementing it. In addition, below are various notes suggesting how the United States Department of State's report to the United States Senate might provide further explanations of several of the proposed declarations and understandings. These proposals are being made by a drafting committee organized by the National Conference of Commissioners on Uniform State Laws, comprised of uniform law commissioners and representatives of the American Law Institute. The drafting committee benefited from consultation with representatives of the Uniform Law Conference of Canada and the Mexican Uniform Law Center, as well as the United States Department of State and other advisors and observers. The proposals have not at this point been approved by the United States Department of State nor have they been submitted to the United States Senate. A full copy of the Convention may be found at http://www.uncitral.org/uncitral/en/uncitral texts/payments/2001Convention receivables.html. Questions and comments concerning the proposals should be addressed to Harold Burman at the United States Department of State at burmanhs(state.gov, Edwin E. Smith at Edwin.Smith(iiibingham.com, and Steven 0. Weise at steve.weise(hellerehrman.com. May , 2007 Article 2. Assignment of receivables For the purposes of this Convention: (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; [The Report to the Senate should explain in connection with the definition of receivable : A receivable is a contractual right to payment of a monetary sum. For example, a licensor's contractual right to payment under a license (such as a royalty or license fee) and an assignor's or transferor's contractual right to payment for an assignment or other transfer of an interest in intellectual property are contractual rights to payment of a monetary sum

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