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![handle is hein.nccusl/nccpub00985 and id is 1 raw text is: Draft
May 21, 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 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 under an assignment or other transfer of an interest in
intellectual property are contractual rights to payment of a monetary sum and so are receivables.
Accordingly, the Convention applies to assignments of those rights to payment. However, not all
contract rights are receivables. The rights of a party to a license or an assignment or other transfer
of an interest in intellectual property that are not a contractual right to payment of a monetary sum
are not a receivable as defined in the Convention. The Convention does not apply to assignments
of those rights.]
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](ViewImageLocal?handle=hein.nccusl/nccpub00985&div=1&collection=&method=preview&ext=.png&size=3)