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Notice Of Assignment Of Accounts Receivable

Notice Of Assignment Of Accounts Receivable Template for Canada

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Key Requirements PROMPT example:

Notice Of Assignment Of Accounts Receivable

"I need a Notice of Assignment of Accounts Receivable for my manufacturing company to notify our largest supplier that we've assigned $250,000 in receivables to First Canadian Bank, with the assignment to take effect from March 15, 2025."

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Document background
The Notice of Assignment of Accounts Receivable is a crucial document used when a business or individual (assignor) transfers their right to receive payment for outstanding invoices or accounts to another party (assignee). This transfer might occur in various situations, such as factoring arrangements, securing financing, or business restructuring. The notice is required under Canadian law to properly perfect the assignment and ensure the debtor is legally bound to pay the new creditor. It must comply with provincial legislation, including the Personal Property Security Act in common law provinces and the Civil Code in Quebec. The document typically includes specific details about the assigned receivables, clear payment instructions, and may require debtor acknowledgment. This notice is particularly important as it establishes the legal chain of payment rights and helps prevent any confusion or disputes regarding payment obligations.
Suggested Sections

1. Date and Addressee Details: Full name and address of the debtor(s) being notified

2. Notice Declaration: Clear statement that this is a formal notice of assignment of accounts receivable

3. Assignor Information: Full legal name and address of the original creditor (assignor)

4. Assignee Information: Full legal name and address of the new creditor (assignee)

5. Description of Assigned Receivables: Clear identification of the specific accounts receivable being assigned, including relevant invoice numbers, dates, and amounts

6. Payment Instructions: Clear directions for future payments, including new payment details and effective date

7. Acknowledgment Request: Request for the debtor to acknowledge receipt and acceptance of the notice

8. Signature Block: Space for authorized signature(s) of the assignor and/or assignee

Optional Sections

1. Partial Assignment Details: Required when only a portion of the receivables are being assigned, specifying exact amounts or percentages

2. Special Payment Arrangements: Include when there are specific payment terms or arrangements that differ from the original terms

3. Security Interest Declaration: Required when the assignment is part of a security arrangement rather than an absolute assignment

4. Multiple Debtor Notification: Include when notice needs to specify different instructions for multiple debtors

5. Governing Law Statement: Include when cross-jurisdictional issues may arise or when specifically required by the underlying agreement

Suggested Schedules

1. Schedule A - List of Assigned Receivables: Detailed list of all assigned accounts receivable, including invoice numbers, dates, amounts, and payment status

2. Schedule B - Payment Instructions: Detailed banking information and payment procedures for the new creditor

3. Schedule C - List of Affected Debtors: When multiple debtors are involved, a comprehensive list with full contact information

4. Appendix 1 - Copy of Original Invoice(s): Copies of relevant invoices being assigned

5. Appendix 2 - Acknowledgment Form: Form for debtor to sign and return confirming receipt of the notice

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


















Clauses












Relevant Industries

Banking and Financial Services

Manufacturing

Wholesale Trade

Retail

Professional Services

Construction

Healthcare

Technology

Transportation and Logistics

Energy and Utilities

Real Estate

Agriculture

Relevant Teams

Finance

Legal

Accounts Receivable

Treasury

Credit Control

Operations

Administration

Risk Management

Compliance

Corporate Secretariat

Relevant Roles

Chief Financial Officer

Finance Director

Accounts Receivable Manager

Credit Controller

Financial Controller

Treasury Manager

Legal Counsel

Compliance Officer

Business Development Manager

Operations Manager

Administrative Officer

Company Secretary

Risk Manager

Collections Manager

Finance Operations Manager

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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