Securitisation Act (Cap. 484), article 12

12. (1) It shall be lawful for future receivables of an originator, including future claims against future debtors, to be the subject matter of an assignment in favour of a securitisation vehicle. Such an assignment shall be valid and effective if it identifies at least one of the features of the class of receivables being subject to the assignment from each of the Features A and Features B, listed in subarticle (2), in order to enable any interested party to reasonably determine which receivables are included in the SECURITISATION [CAP. 484. 7 assignment and it shall not be necessary to specify the name of the debtor or debtors, the date or the amount of any particular deb t. (2) There shall be indicated as: Features A - (a) the type of debt or asset or contract giving rise to the debt; (b) the class or type of debtors; (c) the assets, including future assets, which give rise to the receivables; and Features B - (a) the time period during which the debt may arise; (b) the repayment period when the debts may fall due. (3) An assignment of one or more future receivables is deemed to be effective at the time of the conclusion of the original c ontract of assignment between the assignor and the assignee, without a new act of transfer being required to assign each such receivable o n it coming into existence. (4) A notice of assignment duly given in terms of this Act at the time of the securitisation transaction shall be valid and e ffective in relation to the future receivable and need not be repeated o nce the receivable comes into existence. (5) It shall also be lawful for future receivables to be the subject of any security collateral or title transfer collateral . Form of notification. Cap. 16.