The law applicable to third-party effects of assignments of claims: the U.N. Convention and the E.U. Commission Proposal compared

Spyridon V. Bazinas


In January 2019, the U.S. Senate consented to the ratification of the United Nations Convention on the Assignment of Receivables in International Trade (the "Convention")2 by the US,3 thus creating a new impetus for the broad adoption and entry into force of the Convention.4 The Convention provides a set of uniform rules for the assignment of receivables in the context of international receivables finance transactions, such as asset-based lending, factoring, invoice discounting, forfaiting, securitization and project finance. The Convention contains substantive law rules on a number of issues, such as statutory prohibitions to the assignment of future receivables and of receivables that are not specifically identified (bulk assignments), contractual limitations to the assignment of trade receivables, and debtor-related issues. It also contains conflict-of-laws rules in particular on the law applicable to the third-party effectiveness and priority of an assignment of receivables.5


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ZFR 2019/99

Heft 5/2019
Spyridon Bazinas

Mr. Bazinas (Basinas) is an Independent Consultant advising States and national and international organizations on trade law reform matters. He is also a member of the Law Faculty of Sigmund Freud University in Vienna, in which he holds classes on comparative and uniform secured finance law. He has been the Secretary of the UNCITRAL Working Group VI (Security Interests) from 2003 to 2017, has been involved in the Commission's work on insolvency, bank guarantees, procurement and electronic commerce, provided technical assistance to States and lectured all over the world on a variety of UNCITRAL work topics. Mr. Bazinas has co-authored more than ten books and has published more than fifty articles on various international trade law topics and, in particular, on secured financing (e.g. International and comparative secured transactions law: essays in honour of Roderick A. Macdonald. S.V. Bazinas, N.O. Akseli (eds.), Portland, Or., Hart Publishing, 2017. 338 p.).