Assignment of proceeds
The beneficiary of the guarantee can normally assign his or her conditional claim for payment to a third party, or assignee (assignment of the proceeds but not the drawing right).
Things to note:
The assignee does not automatically receive the right to invoke the guarantee. Only the beneficiary specified by name in the guarantee document can claim under the guarantee.
Any change in the beneficiary of the guarantee requires the agreement of all parties involved, i.e. the existing beneficiary, the UBS client and the guaranteeing bank.
In contrast to the law concerning sureties, the assignment of the guaranteed claim arising from the underlying transaction does not result in the simultaneous transfer of the conditional guarantee claim.
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