By a judgement of February 8, 1994, the commercial division of the Court of Cassation (France's highest non-administrative court) judged that, in the event of the assignment of a receivable in the form provided for by the law of January 2, 1981 (the Loi Dailly), which is not accepted by the debtor, the debtor may raise as a defence against the bank, to which the receivable was transferred, the non-performance of the obligations of the assignor or the set-off of the debtor's debt against a receivable owed to the debtor and related to the transferred receivable, even if the non-performance or the set-off arose after the notification of the assignment.

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