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Proposed Draft Report for Consideration 1 (June 12, 2007)

handle is hein.nccusl/nccpub00974 and id is 1 raw text is: UNITED NATIONS CONVENTION ON THE ASSIGNMENT OF RECEIVABLES IN INTERNATIONAL TRADE CONTENTS Page I. P u rp o se .................................................................................................... II. B ack groun d .............................................................................................. III. Summary of Key Provisions of the Convention and Protocol ................ IV . Im plem enting Legislation ....................................................................... V. Recommendation and Comments ........................................ VI. Proposed Text for Resolution of Ratification ........................................................... I. PURPOSE The Convention applies to assignments of receivables-2 in international trade. The objective of the Convention is to provide uniform legal rules for those transactions that will have the effect of increasing the availability of credit and reducing the costs of credit. The application of the rules is expected to foster the development of new financing practices. The Convention accomplishes this while at the same time preserving existing financing practices and protecting the interests of debtors.3 The Convention is substantially consistent with Article 9 of the Uniform Commercial Code, which is the law in every state of the United States and the District of Columbia. / As augmented by the proposed declarations and understandings of the United States, the Convention differs 1 As does Article 9 of the Uniform Commercial Code, the convention applies both to outright assignments of receivables and to collateral assignments of receivables (i.e., assignments to secure an obligation). 2 The Convention defines a receivable as a contractual right to payment of a monetary sum. 3 The Convention refers to the person who assigns a receivable as the assignor, the person to whom the receivables is assigned as the assignee, and the person who owes the receivable as the debtor. The contract that gives rise to the receivable is referred to as the original contract. The Convention also refers to countries as States and to those countries that sign and ratify the Convention as Contracting States. 4 The Convention refers to states, districts, possessions, and territories within a State as territorial units. For example, a state of the United States or the District of Columbia would be a territorial unit. DRAFT - WORKING DOCUMENT - June 12, 2007 - Under review and subject to change

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