Assignment of receivables

(a) If payment in respect of the assigned receivable is made to the assignee, the assignee is entitled to retain the proceeds and goods returned in respect of the assigned receivable

(b) If payment in respect of the assigned receivable is made to the assignor, the assignee is entitled to payment of the proceeds and also to goods returned to the assignor in respect of the assigned receivable and

3. This article applies only to assignments of receivables

(c) If payment in respect of the assigned receivable is made to another person over whom the assignee has priority, the assignee is entitled to payment of the proceeds and also to goods returned to such person in respect of the assigned receivable.

United Nations Convention on the Assignment of Receivables in International Trade

Desiring also to ensure adequate protection of the interests of debtors in assignments of receivables,

2. This Convention does not apply to assignments of receivables arising under or from

(a) Individually as receivables to which the assignment relates or

2. Unless otherwise agreed, an assignment of one or more future receivables is effective without a new act of transfer being required to assign each receivable.

(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

56 81. United Nations Convention on the Assignment of Receivables in International Trade

4. Paragraphs 2 and 3 of this article apply only to assignments of receivables

2. The assignee may not retain more than the value of its right in the receivable.

(b) In any other manner, provided that they can, at the time of the assignment or, in the case of future receivables, at the time of conclusion of the original contract, be identified as receivables to which the assignment relates.

(b) Subsequent assignments, provided that any prior assignment is governed by this Convention.

2. Notification of the assignment or a payment instruction may relate to receivables arising after notification.

3. This article does not apply to assignments of receivables listed in article 9, paragraph 3.

United Nations Convention on the Assignment of Receivables in International Trade (New York, 12 December 2001).

Perhaps Italy can survive, because most of its debt is held domestically, which makes default less likely. But the size of Italy s debt and of Belgium s is worrisome.

(b) Financial contracts governed by netting agreements, except a receivable owed on the termination of all outstanding transactions

Yet their new proposals, which bizarrely imply that defaults can happen only after mid 2013, defy the basic economics of debt defaults.

1. Expresses its appreciation to the United Nations Commission on International Trade Law for preparing the draft Convention on the Assignment of Receivables in International Trade Ibid., annex I.

(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

1. The law of the State in which the assignor is located governs the priority of the right of an assignee in the assigned receivable over the right of a competing claimant.

CAMBRIDGE Greece will default on its national debt.

Either banks need to default on their senior obligations, or the government will need to default alongside the banks.

Wage arrears are also a main source of labor conflict.

Argentina defaulted on its debt in 2001.

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,

The problem of wage arrears is a familiar one in Russia.

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,

On May 7, 2008, Borland announced the sale of CodeGear division to Embarcadero Technologies for an expected 23 million price and 7 million in CodeGear accounts receivables retained by Borland.

2. Adopts and opens for signature or accession the United Nations Convention on the Assignment of Receivables in International Trade, contained in the annex to the present resolution

7. Welcomes initiatives that have been undertaken to reduce outstanding indebtedness

Considering that problems created by uncertainties as to the content and the choice of the legal regime applicable to the assignment of receivables constitute an obstacle to international trade,

Recovery of indebtedness to the Fund

(d) Debt burden

So default no longer seems a question of If'' but of When.''

Why Greece Will Default

At that point, Greece will default.

Eventually, default became inevitable.

This time, the UN would earmark part of the export revenues of any given AU member for specific and defined programs and budget contributions. A zero tolerance policy must be applied for arrears on contributions.

A zero tolerance policy must be applied for arrears on contributions.