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The PPSAs in each province and territory of Canada other than the Province of Québec provide that a contractual restriction on the assignment of a receivable is unenforceable against third parties, as long as the entirety of the receivable is transferred, and not merely an interest in the receivable. Accordingly, contractual restrictions on assignment will generally not render an assignment void; however, an assignment of a receivable in breach of a contractual restriction can expose the assignor to a breach of contract claim by the obligor.
While there is no similar “override” or “anti-assignment” provision in the Province of Québec, the CCQ does include a set of rules that are applicable to provisions that restrict the free disposition of certain property. As a result, there is a legal basis for the position that an assignment made in breach of an anti-assignment clause does not invalidate the assignment as between the assignor and the assignee, leading to the same outcome as in the other provinces and territories of Canada. There remains some uncertainty on this issue in the Province of Québec, however, given the absence of a specific provision similar to that found in the PPSA jurisdictions.
Although the anti-assignment provisions in the PPSAs are helpful in facilitating securitizations of most types of receivables, government receivables do present some challenges. Under the Financial Administration Act (Canada), an assignment of a receivable owing by the federal government of Canada and certain federal corporations is invalid unless: (i) the assignment is absolute; and (ii) notice of the assignment has been given in a prescribed form to the appropriate government representative. Several provinces of Canada have enacted legislation that includes similar limitations on the assignments of receivables owing by provincial governments and corporations. Because of these limitations, securitizations of government receivables are fairly uncommon.
财产的可转让性之注意事项
除魁北克省外，加拿大各省和地区的 《个人财产安全法》都 规定，限制向第三方转让应收款的合同条款是不可执行的，只要转让涉及到全部应收款，而不只是转让应收款的权益。 因此，对转让的合同限制通常不会使转让无效； 但是，违反合同限制转让应收款可能会使转让人面临债务人的违约索赔。
虽然魁北克省没有类似的“推翻”或“禁止转让”条款，但 魁北克民法典 包含了一套适用于限制自由处置某些财产的条款的规则。 因此，有法律依据的立场是，违反禁止转让条款的转让并不会使转让人与受让人之间的转让无效，从而导致与其他省份和地区相同的结果。然而，由于加拿大魁北克省在这个问题上仍然存在一些不确定性，所以，没有类似于其它省份和地区的《个人财产安全法》的具体规定。
虽然《个人财产安全法》中的禁止转让条款有助于促进大多数类型应收款的证券化，但政府应收账款确实带来了一些挑战。根据《金融管理法》（加拿大），加拿大联邦政府和某些联邦公司欠的应收款转让是无效的，除非： (i) 转让是绝对的； (ii) 转让通知已以规定的形式发送给适当的政府代表。 加拿大的几个省已颁布立法，其中包括对省政府和公司所欠应收账款转让的类似限制。 由于这些限制，政府应收账款的证券化相当罕见。
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