The Factoring Regulation Act
12Liability of debtor
Where a notice of assignment as referred to in section 8 is served, the debtor shall,—
(a) intimate the assignee the details of the deposits or advance or payment on account made to the assignor before the receipt of notice of assignment and also provide any other information to the assignee relating to the receivable as and when called upon by the assignee to do so;
(b) not be entitled to a valid discharge of his liability in respect of assigned receivables, unless he makes the payment due on an assigned receivables to the assignee.
Download our fully-offline, High speed android app.- Click here
RIGHTS AND OBLIGATIONS OF PARTIES TO CONTRACT FOR ASSIGMENT OF RECEIVABLES
- 11 Rights and obligations of parties to contract for assignment of receivables
- 12 Liability of debtor
- 13 Assignor to be trustee of assignee
- 14 Liability of debtor in case of an assignor being mircro or small enterprises
- 15 Principle of debtor protection
- 16 Defences and right of set off of debtor
- 17 Modification of original contract
- 18 Breach of contract