Non-assignment/pledge clauses usually without effect vis-à-vis third parties

A recent Supreme Court ruling has put a practical end to the effectiveness – in relation to third parties – of clauses in contracts prohibiting assignment or pledge of receivables. The ruling means that if a debtor does not want a creditor to freely assign his position to a third party, the debtor will have to specifically provide in the contract that the clause should have effect vis-à-vis third parties.