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Factoring Regulation Act, 2011


12. Liability 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 assigned receivables to the assignee.



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