CHAPTER Chapter X. International Trade and Development

Transcripción

1 DOCUMENT INFORMATION FILE NAME Ch X 17 VOLUME VOL-1 CHAPTER Chapter X. International Trade and Development TITLE 17. United Nations Convention on the Assignment of Receivables in International Trade. New York, 12 December 2001

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5 UNITED NATIONS CONVENTION ON THE ASSIGNMENT OF RECEIVABLES IN INTERNATIONAL TRADE CONVENTION DES NATIONS UNIES SUR LA CESSION DE CREANCES DANS LE COMMERCE INTERNATIONAL KOHBEHl(HB OprAHH3Al(HH 06bE,lJ;HHEHHhIX HAIJ,HH 06 YCTynKE,lJ;E6HTOPCKOH 3A,lJ;OJIiKEHHOCTH B MEiK,lJ;YHAPO,lJ;HOH TOprOBJIE CONVENCION DE LAS NACIONES UNIDAS SOBRE LA CESION DE CREDITOS EN EL COMERCIO INTERNACIONAL

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33 UNITED NATIONS CONVENTION ON TilE ASSIGNMENT OF RECEIVABLES IN INTERNATIONAL TRADE UNITED NATIONS 2001

34

35 UNITED NATIONS CONVENTION ON THE ASSIGNMENT OF RECEIVABLES IN INTERNATIONAL TRADE The Contracting States, PREAMBLE Reaffirming their conviction that international trade on the basis of equality and mutual benefit is an important element in the promotion of friendly relations among States, Considering that problems created by uncertainties as to the content and the choice of legal regime applicable to the assignment of receivables constitute an obstacle to international trade, Desiring to establish principles and to adopt rules relating to the assignment of receivables that would create certainty and transparency and promote the modernization of the law relating to assignments of receivables, while protecting existing assignment practices and facilitating the development of new practices. Desiring also to ensure adequate protection of the interests of debtors in assignments of receivables, Being of the opinion that the adoption of uniform rules governing the assignment of receivables would promote the availability of capital and credit at more affordable rates and thus facilitate the development of international trade, Have agreed as follows: 1. This Convention applies to: CHAPTER I SCOPE OF APPLICATION Article 1 Scope of application (a) Assignments of international receivables and to international assignments of receivables as defined in this chapter, if, at the time of conclusion of the contract of assignment, the assignor is located in a Contracting State; and (b) Subsequent assignments, provided that any prior assignment IS governed by this Convention. 2. This Convention applies to subsequent assignments that satisfy the criteria set forth in paragraph 1 (a) of this article, even if it did not apply to any prior assignment of the same receivable.

36 3. This Convention does not affect the rights and obligations of the debtor unless, at the time of conclusion of the original contract, the debtor is located in a Contracting State or the law governing the original contract is the law of a Contracting State. 4. The provisions of chapter V apply to assignments of international receivables and to international assignments of receivables as defined in this chapter independently of paragraphs 1 to 3 of this article. However, those provisions do not apply if a State makes a declaration under article The provisions of the annex to this Convention apply as provided in article 42. 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; (b) In the case of an assignment by the initial or any other assignee ("subsequent assignment"), the person who makes that assignment is the assignor and the person to whom that assignment is made is the assignee. Article 3 Internationality A receivable is international if, at the time of conclusion of the original contract, the assignor and the debtor are located in different States. An assignment is international if, at the time of conclusion of the contract of assignment, the assignor and the assignee are located in different States. Article 4 Exclusions and other limitations 1. This Convention does not apply to assignments made: (a) To an individual for his or her personal, family or household purposes; (b) As part of the sale or change in the ownership or legal status of the business out of which the assigned receivables arose. 2. This Convention does not apply to assignments of receivables arising under or from: -2-

37 (a) Transactions on a regulated exchange; (b) Financial contracts governed by netting agreements, except a receivable owed on the termination of all outstanding transactions; (c) Foreign exchange transactions; (d) Inter-bank payment systems, inter-bank payment agreements or clearance and settlement systems relating to securities or other financial assets or instruments; ( e) The transfer of security rights in, sale, loan or ho lding of or agreement to repurchase securities or other financial assets or instruments held with an intermediary; (f) Bank deposits; (g) A letter of credit or independent guarantee. 3. Nothing in this Convention affects the rights and obligations of any person under the law governing negotiable instruments. 4. Nothing in this Convention affects the rights and obligations of the assignor and the debtor under special laws governing the protection of parties to transactions made for personal, family or household purposes. 5. Nothing in this Convention: (a) Affects the application of the law of a State in which real property is situated to either: (i) An interest in that real property to the extent that under that law the assignment of a receivable confers such an interest; or (ii) The priority of a right in a receivable to the extent that under that law an interest in the real property confers such a right; or (b) Makes lawful the acquisition of an interest in real property not permitted under the law of the State in which the real property is situated. CHAPTER II GENERAL PROVISIONS Article 5 Definitions and rules of interpretation F or the purposes of this Convention: (a) "Original contract" means the contract between the assignor and the debtor from which the assigned receivable arises; (b) "Existing receivable" means a receivable that arises upon or before conclusion of the contract of assignment and "future receivable" means a receivable that arises after conclusion of the contract of assignment; -3-

38 (c) "Writing" means any form of information that is accessible so as to be usable for subsequent reference. Where this Convention requires a writing to be signed, that requirement is met if, by generally accepted means or a procedure agreed to by the person whose signature is required, the writing identifies that person and indicates that person's approval of the information contained in the writing; (d) "Notification of the assignment" means a communication in writing that reasonably identifies the assigned receivables and the assignee; (e) "Insolvency administrator" means a person or body, including one appointed on an interim basis, authorized in an insolvency proceeding to administer the reorganization or liquidation of the assignor's assets or affairs; (f) "Insolvency proceeding" means a collective judicial or administrative proceeding, including an interim proceeding, in which the assets and affairs of the assignor are subject to control or supervision by a court or other competent authority for the purpose of reorganization or liquidation; (g) "Priority" means the right of a person in preference to the right of another person and, to the extent relevant for such purpose, includes the determination whether the right is a personal or a property right, whether or not it is a security right for indebtedness or other obligation and whether any requirements necessary to render the right effective against a competing claimant have been satisfied; (h) A person is located in the State in which it has its place of business. If the assignor or the assignee has a place of business in more than one State, the place of business is that place where the central administration of the assignor or the assignee is exercised. If the debtor has a place of business in more than one State, the place of business is that which has the closest relationship to the original contract. If a person does not have a place of business, reference is to be made to the habitual residence of that person; (i) "Law" means the law in force in a State other than its rules of private international law; (j) "Proceeds" means whatever is received in respect of an assigned receivable, whether in total or partial payment or other satisfaction of the receivable. The term includes whatever is received in respect of proceeds. The term does not include returned goods; (k) "Financial contract" means any spot, forward, future, option or swap transaction involving interest rates, commodities, currencies. equities, bonds, indices or any other financial instrument, any repurchase or securities lending transaction, and any other transaction similar to any transaction referred to above entered into in financial markets and any combination of the transactions mentioned above; (I) "Netting agreement" means an agreement between two or more parties that provides for one or more of the following: -4-