Subsection 2: Assignment of receivables as security

Ownership of a claim may be assigned as security for an obligation by the effect of a contract concluded pursuant to articles 1321 to 1326.

The secured claims and the assigned claims are designated in the deed. If they are future, the deed must allow them to be individualised or contain elements allowing this such as the indication of the debtor, the place of payment, the amount of the claims or their valuation and, if applicable, their due date.

Sums paid to the assignee in respect of the assigned claim shall be set off against the secured claim when due. If this is not the case, the assignee retains them under the conditions set out in articles 2374-3 to 2374-6.

Where the secured claim is paid in full before the assigned claim is paid, the assignor shall automatically recover ownership of the assigned claim. .