Section 33: Rights and priority of assignee

(1) The rights of an assignee of an Account Receivable shall be subject to:
(a) the terms of the contract between the account debtor and the assignor and any defense or claim arising from the contract; and
(b) any other defense or claim of the account debtor against the assignor, including a defense by way of a right of set-off that accrues before the account debtor receives notification of the assignment.
(2) Sub section (1) of this section shall not apply if the account debtor has made an enforceable agreement not to assert any right to claims arising out of the contract.
(3) Priority between competing assignees is determined according to the time of registration in the Registry irrespective of the time when the account debtor receives a notification of the assignment.