Convention on International Interests in Mobile Equipment Act, 2007 (Act No. 4 of 2007SchedulesSchedule 1 : ConventionChapter IX : Assignments of Associated Rights and International Interests; Rights of SubrogationArticle 32 - Formal requirements of assignment |
| (1) | An assignment of associated rights transfers the related international interest only if it— |
| (a) | is in writing; |
| (b) | enables the associated rights to be identified under the contract from which they arise; and |
| (c) | in the case of an assignment by way of security, enables the obligations secured by the assignment to be determined in accordance with the Protocol but without the need to state a sum or maximum sum secured. |
| (2) | An assignment of an international interest created or provided for by a security agreement is not valid unless some or all related associated rights also are assigned. |
| (3) | This Convention does not apply to an assignment of associated rights which is not effective to transfer the related international interest. |