Cap. 484 Art. 11Assignment of existing securitisation assets.

(1) The assignment of a securitisation asset to a securitisation vehicle shall be valid and effective if the assignment identifies at least two of the following features of the class of receivables being subject to the assignment:

(a) the type of debt or asset or contract giving rise to the debt;

(b) the class or type of debtors;

(c) the repayment period when the debts fall due; so as to enable any interested party to reasonably determine which receivables are included in the assignment and it shall not be necessary to specify the name of the debtor or debtors, the date or the amount of any particular debt.

(2) Where the parties to an assignment claim that a debt is not included in the assignment, the matter shall be resolved as provided for in the assignment, and the aggregate price, if any, for the transfer shall be adjusted, if the claim is justified, by the value of the disputed debt being reduced therefrom, and such adjustment shall not in any way affect the validity or effects of the assignment of other receivables.