Question
As per the Factoring Regulation Act what are the
obligations of the debtor upon receiving a notice of assignment as referred to in section 8?Solution
Section 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 an assigned receivables to the assignee.
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