Section 2: Assignment of debt

A debtor may, with the agreement of the creditor, assign his debt. The assignment must be evidenced in writing, on pain of nullity.

If the creditor has agreed to the assignment in advance and has not intervened in it, he may only invoke it or rely on it from the day on which it was notified to him or as soon as he has taken note of it.

If the creditor expressly consents, the original debtor is discharged for the future. Failing this, and unless otherwise agreed, they are jointly and severally liable for payment of the debt.

The substituted debtor, and the original debtor if he remains liable, may raise against the creditor the defences inherent in the debt, such as nullity, the defence of non-performance, resolution or set-off of related debts. Each party may also raise exceptions that are personal to him.

Where the original debtor is not discharged by the creditor, the security interests survive. Otherwise, the securities granted by the original debtor or by third parties only survive with their agreement. If the assignor is discharged, his joint and several co-debtors remain liable after deducting their share of the debt.