Global assignment
Under a global assignment, a large number of claims are assigned. In practice, it is usually used to secure overdraft facilities. As with the assignment of future claims, the subject matter of the global assignment must be sufficiently identified. To this end, the creditor and debtor must be clearly identified; this requirement is generally met in the case of the assignment of future claims arising from the supply of goods or services in the course of a specific business operation.
A global assignment constitutes a form of assignment by way of security and must therefore comply with the disclosure requirements applicable to such assignments. A global assignment must be distinguished from what is known as a blanket or framework assignment, which merely establishes a right to the future assignment of claims. Unlike a global assignment, a blanket or framework assignment therefore does not yet result in the actual assignment of claims.
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