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![handle is hein.nccusl/nccpub00977 and id is 1 raw text is: Draft
April 2 0 2007=
Under review and
subject to change
United Nations Convention on the Assignment
of Receivables in International Trade
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 CA - 3T(*
(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 Senate Report will explain in connection with the definition of receivable : As a general
matter, the ri hts of either paros to a license or an assignment or other transfer of an interest in
intellectual property are not a receivable as defined in the Convention. Accordingy, the Convention
generally does not aplv to assignments of those rights. However, a contractual right to 2yment under
a license or an assignment or other transfer of an interest in intellectual property. includin, for
example, a licensor's right to payment of a royalty or license lee under a contractual license of
intellectual property, is a receivable. and the Convention does apply to assignments of those rights to
payment. ]
Article 4. Exclusions and other limitations
2. This Convention does not apply to assignments of receivables arising under or from:
(e) The transfer of security rights in, sale, loan or holding of or agreement to repurchase securities
or other financial assets or instruments held with an intermediary;
[Understanding: The United States understands that paragraph (2) of article 4 (with respect to
clause (e)) excludes from the scope of the Convention the assignment of (i) a receivable that is a
security, regardless of whether the security is held with an intermediary and (ii) a receivable that is not
a security but is a financial asset or instrument, ifin- t--tazethe financial asset or instrument is held](ViewImageLocal?handle=hein.nccusl/nccpub00977&div=1&collection=&method=preview&ext=.png&size=3)