Statutory definition

assignment

This definition is taken from the act's own definitions section.

the transfer by agreement of the undivided interest of an assignor in any receivable due from a debtor in favour of a factor and includes assignment where either the assignor or the debtor is situated or established outside India. Explanation.-For the pur

Defined by this section

Factoring Act §2 — Definitions.

Factoring Act

Related terms

अधिसूचनाराजपत्र में प्रकाशित अधिसूचना अभिप्रेत है
assigneethe factor in whose favour the receivable is transferred
assignorany person who is the owner of a receivable
business enterpriseany enterprise or medium enterprise, micro enterprise or small enterprise as defined in clauses
debtorany person who is liable to the assignor, whether under a contract or otherwise, to pay any receivable or to discharge any obligation, whether existing, accruing, future, conditional or contingent, in respect of a receivable
factor businessthe business of acquiring receivables of an assignor by granting assignment of such receivables or financing, whether by way of lending or advances against security interest on any receivables or otherwise, but does not include-

assignment

Defined by this section

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