The effect of prohibitions of assignment and prohibitions of pledging; under property law or under the law of obligations

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On 21 March 2014, the Supreme Court of the Netherlands gave a judgment in respect of the prohibitions of assignment and/or prohibitions of pledging frequently included in agreements and general terms and conditions (Supreme Court 21 March 2014, ECLI:NL:HR:2014:682 (Coface / Intergamma). For a long time, it was unclear which effect could be attached to such clauses. In the judgment of 21 March 2014 the Supreme Court held that these clauses must be interpreted according to objective standards, taking into consideration the intention of the parties. In principle, an effect relating exclusively to the law of obligations is taken as a starting point.