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![handle is hein.nccusl/nccpub00988 and id is 1 raw text is: Draft
April 30, 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 Senate Report will explain in connection with the definition of receivable : As a general
matter, the rights of either party to a license or an assignment or other transfer of an interest in
intellectual property are not a receivable as defined in the Convention. Accordingly, the
Convention generally does not apply to assignments of those rights. However, a contractual right
to payment under a license or an assignment or other transfer of an interest in intellectual property,
including, for example, a licensor's right to payment of a royalty or license fee 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, if the financial asset or instrument is held with an](ViewImageLocal?handle=hein.nccusl/nccpub00988&div=1&collection=&method=preview&ext=.png&size=3)