In the event of default by the debtor, the assignee may set off the amount of the sum assigned, plus any fruits and interest, against the secured claim. Where appropriate, the assignee returns the excess to the assignor.
Home | French Legislation Articles | French Civil Code | Book IV: Securities | Title II: Security interests | Subtitle II: Security interests in movable property | Chapter IV: Property retained or assigned as security. | Section 2: Property assigned as security. | Subsection 3: Assignment of sums of money as security | Article 2374-5 of the French Civil Code
In the event of default by the debtor, the assignee may set off the amount of the sum assigned, plus any fruits and interest, against the secured claim. Where appropriate, the assignee returns the excess to the assignor.
En cas de défaillance du débiteur, le cessionnaire peut imputer le montant de la somme cédée, augmentée s’il y a lieu des fruits et intérêts, sur la créance garantie. Le cas échéant, il restitue l’excédent au cédant.
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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