Common use of Assignment and Transfer of Ownership Clause in Contracts

Assignment and Transfer of Ownership. You may not assign, transfer, pledge or grant a security interest in your account or this Agreement to anyone other than us without our written consent. No assignment will be valid or binding on us, and we will not be considered to have knowledge of it, until we consent and note the assignment in our records. Any permitted assignment of your account is subject to our setoff rights. If we authorize any assignment, transfer, pledge or security interest, we may require that the account be closed and a new account opened. Any pledge or security interest granted to a third party remains subject to our right of set-off and security interest.