The effect of such an assignment is, therefore the complete replacement of assignor by the assignee.
This follows the common rule that security does not exist by itself,but is accessory to the secured rights
It is, however, left to the parties’ discretion to assign only the associated rights without the International Interest.
In such case the Convention does not apply, because it is devoted to International Interests and not to assignments as such
117 Article 32(3) of the Convention.
What the Convention does not allow, is the assignment of an International Interest
created by a security agreement without the assignment of at least some of
the associated rights
118 Article 32(2) of the Convention.
This makes sense, considering that the Convention’s purpose is to create and regulate the transfer of International Interests