Dec 30, 2015 22:14
8 yrs ago
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French term
Délégation d’assurance
French to English
Bus/Financial
Law: Contract(s)
Credit facility agreement with a bank
The context is a credit facility agreement between a bank and a client. The client must provide a guarantee either in the form of pledging assets or by "Délégation d’assurance donnée par acte séparé". Thanks
Proposed translations
(English)
2 +2 | assignment of insurance | Claire Nolan |
3 | Insurance delegation | Chakib Roula |
Proposed translations
+2
1 hr
Selected
assignment of insurance
http://www.businessdictionary.com/definition/assignment-of-i...
Transfer by the holder of a life insurance policy (the assignor) of the benefits or proceeds of the policy to a lender (the assignee), as a collateral for a loan. In the event of the death of the assignor, the assignee is paid first and the balance (if any) is paid to the policy's beneficiary.
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36 mins
Insurance delegation
Suggestion
Discussion
What is going on is not equivalent to common-law 'assignment', which requires only the consent of the assignor and the assignee. In a French civil-law delegation, the delegator delegates a *claim* on the delegatee along with the duties of performing an obligation (i.e., a debt) to a third party. Unlike in an assignment, all three parties have to consent to the arrangement. Unlike in a novation, there is no complete substitution of obligor if the
delegation is not perfected.